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Referencing the famous name Adam Back mentioned in Satoshi Nakamoto’s Bitcoin (BTC) whitepaper, he made a notable observation regarding the largest cryptocurrency’s rise to an all-time high of $73,737. Back pointed out that the excitement in Bitcoin‘s rise is at low levels.
Reiterates $100,000 Expectation
Back highlighted the low level of market excitement amidst Bitcoin’s record-breaking price movement. The notable figure linked this to the delay in Bitcoin reaching the $100,000 mark. While Bitcoin was priced over $73,000, discussions within the crypto world shifted from whether the largest cryptocurrency would reach six figures to when it would happen.
Back’s observation aligns with his forecast made in February, predicting Bitcoin would surpass the $100,000 level. This forecast was part of a broader expectation surrounding the fourth block reward halving, a protocol-encoded event in Bitcoin that reduces the block reward miners receive by 50%, potentially driving up the price by limiting new Bitcoin supply.
As the Bitcoin Fear and Greed Index indicates, market sentiment has now shifted towards “extreme greed” amid the current price levels. This measure reflects the rising expectations among investors and enthusiasts, fueled by key catalysts such as the anticipated block reward halving in April and the increasing adoption of Bitcoin through various investment vehicles like spot ETFs.
Bitcoins Leaving Exchanges and Trading Platforms
On the other hand, data from the crypto data platform CryptoQuant shows that Bitcoin is moving from exchanges and trading platforms to storage wallets, indicating a decrease in circulating supply. This trend is critical as it could potentially lead to a supply shock and a sharp increase in price potential.
Overall, the crypto market continues to be active following Bitcoin’s surpassing of its 2021 record high of around $69,000. Notably, many large-cap altcoins are experiencing double-digit increases. Experts associate this market activity with high optimism among individual and institutional investors.
