Blockstream CEO Adam Back is highly optimistic about the leading cryptocurrency, Bitcoin (BTC), reaching an all-time high (ATH) over the weekend. Adam Back shared his optimistic view on social media, mentioning some events that could prevent the cryptocurrency from reaching a new ATH. Grayscale’s spot Bitcoin ETF GBTC is experiencing significant outflows, with one of the latest reaching up to $105 million in a single day.
Cryptocurrency Liquidations
Remarkably, this was a 60% decrease from the previous day. A significant percentage of these outflows could be the result of large liquidations by bankrupt players, such as Gemini and Genesis, wanting to pay off their creditors. With the weekend approaching, it seems that traditional finance firms like Grayscale and many other investment companies will be offline. This could mean a pause in the massive outflows from GBTC.
A sharp drop in GBTC outflows, coupled with continued slow inflows, could lead to a supply shock. In the long term, a supply shock could drive Bitcoin prices to peak, considering other market metrics. There are also ongoing outages at the cryptocurrency exchange Coinbase. The last Coinbase outage was recorded when Bitcoin reached a new ATH above $70,000. The Blockstream CEO believes that due to currently low Base volume, Coinbase’s “circuit-breaker” might not be triggered over the weekend, potentially pushing Bitcoin prices even higher.
Expert Views on Bitcoin
Adam Back’s speculations seem to align with previous predictions by leading cryptocurrency market analysts Ali Martinez and Markus Thielen. Ali Martinez believes that in the coming days, the BTC price could rise above $74,500. He explained that if Bitcoin can maintain its position above the 200-EMA and surpass the $71,580 neckline resistance level, it could instead signal an uptrend.
This could potentially pave the way for a 4.44% increase in value, which could raise the token’s price to $74,760. On the other hand, Thielen observes that Bitcoin has recorded an increase of up to 12% in April. With the Bitcoin halving event just a few weeks away, time will tell if the cryptocurrency analyst’s prediction will come true.
