The CEO of the fintech firm Blockstream, Adam Back, is confident that Bitcoin will set a new ATH of $100,000 in 2024.
According to Beck, Bitcoin is lagging behind the values it showed before previous halvings.
The expert identified three main factors that influenced this:
- Covid-19;
- quantitative easing policies in the US and Europe;
- local wars.
These factors influenced not only the state of the market, but also the behavior of investors, Back said. The need for careful risk management has led many asset managers to sell off more liquid positions.
“They have to find cash. Therefore, sometimes they sell liquid assets, and Bitcoin is just like that. Previously, this happened with gold. I think this is the main scourge of Bitcoin in the last few years,” the expert emphasized.
According to Beck, the recent rally in the Bitcoin market is the first sign that the impact of these macroeconomic events is fading. In this regard, the expert believes that the asset will update its ATH in 2024.
As the most likely forecast model, in his opinion, Back referred to Stock-to-Flow from an analyst under the pseudonym PlanB. Note that it worked successfully until the fall of 2021, when the crypto market collapsed.
“I think Bitcoin could reach $100,000 before the ETF and before the halving. But I am also sure that the influence of this factor on the market cannot be underestimated,” Beck emphasized.
Note that he is not the only one who announced the potential growth of Bitcoin in 2024 even without the possible approval of spot Bitcoin ETFs. A similar thesis was expressed by Matrixport analysts.
