Blockstream CEO and co-founder Adam Back recently took to a post on X, presenting a compelling case for an unstoppable parabolic uptrend for Bitcoin’s (BTC) price ahead. The post, dated June 4, has echoed a frenzy among crypto market participants as it surfaced amid a highly turbulent trading session witnessed by Bitcoin post-halving.
At this moment, BTC is trading at $68,941, experiencing a slight dip of 0.42% in the past 24 hours. In the midst of these dynamic market conditions, let’s delve into why the Blockstream CEO believes a significant price rally for BTC is not just a possibility but a certainty.
Adam Back Rationalizes Why BTC Price Rally Looms
According to Back’s post, a stockpile of bullish factors are in the pipeline, readying to bring about a price rally for Bitcoin in the coming days. These include:
Exhausted Market Bears
The CEO believes that a time lies ahead when market bears will be ‘exhausted’ and have no more ‘coins to sell.’
Bears are investors who usually have a negative outlook on an asset’s future potential and believe that prices will go down. In this context, Adam may be hinting at short sellers’ exhaustion of capital to keep shorting the market. This could mean a win for bulls, potentially driving a surge in BTC’s price ahead.
BTC Fundamentals To Bring Uptrend
Meanwhile, the world’s first cryptocurrency’s underlying factors, such as adoption rate, real-world use cases, and the technology behind it, further pave an optimistic path for future price movements.
The recent approval of spot BTC ETFs in the U.S., followed by Hong Kong, Australia, and Thailand, underscores the asset’s rising adoption and growth, drawing investors across the globe. Also, this year’s showdown event, BTC halving, is expected to generate a supply shock effect amid rising demand.
Supply Shock Post-Halving
A recent CryptoQuant report further highlighted that BTC’s miner holdings were in notable decline, underscoring the stress post-halving in the mining sector as miner rewards diminish. These factors, aligning with the reduction in incentives for the production of new coins, in turn hampering supply, could bring about a phenomenal price rally amid growing demand moving ahead.
Reflexivity
Moreover, Adam suggests that more money inflow in the BTC ecosystem can be expected as the BTC price’s long-term prospects shine with bullishness, magnetizing investors. Historically, BTC’s consistent gains have aided the token in cementing a favorite spot on crypto market traders’ and investors’ radars.
This could significantly increase buying pressure on the asset, further propelling a price rally.
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Momentum Trading and FOMO Buys
Lastly, a strategy that aims to capitalize on the continuation of existing market trends, Momentum Trading, may spur further investments in the flagship crypto. As investors see the potential of the BTC price to rally, a FOMO (Fear of Missing Out) sentiment may prompt additional buying pressure on the asset.
These factors, collectively, underline a strong market uptrend for BTC in the future. As spotlighted by prominencies across the global crypto realm, a BTC price rally to $100K does not seem impossible for the largest crypto by market cap.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
