Adam Back, one of the leading figures in the cryptocurrency world and one of the few people claimed to be Satoshi Nakamoto, made a bold prediction about the future of Bitcoin.
In a recent statement, Back suggested that Bitcoin could reach its all-time high (ATH) during the upcoming weekend.
Back's prediction is based on several factors. First, note that traditional finance (tradfi) is closed over the weekend, meaning no exit from Grayscale Bitcoin Trust (GBTC).
Secondly, he pointed out that Coinbase's “circuit breaker” — the stock market crash due to record rush — is unlikely because the base volume is lower. Back believes that just three daily candles of more than $1k would be enough to push Bitcoin to a new ATH.
In addition to these factors, Back also emphasized that Bitcoin quietly survived the record-breaking $9.5 billion option closing with a low maximum loss point of $51,000. Back ended his statement with an exciting question: “Can there be 100 thousand dollars before the halving?” He suggested that a few $5k green candles over the long weekend could get us significantly closer to this event.
Back was one of the first two people to receive emails from Satoshi Nakamoto. In 2016, the Financial Times named Back as a potential Nakamoto candidate, along with Nick Szabo and Hal Finney.
*This is not investment advice.