According to Blockstream CEO Adam Back, Bitcoin (BTC) is “super cheap” at current prices.
Back argues that value understanding is lagging due to not being evenly distributed. “The average investor is a bit of a panicked newb, needs to be battle-hardened by a bear market or two before they truly get it.”
The largest cryptocurrency is currently changing hands at $69,477 after dropping by 0.5%.
Post-halving crash?
Back’s bullish statement came after Jeff Ross, founder and CEO of Vailshire Capital, recently predicted that the price of the flagship cryptocurrency could experience a 40% correction after the halving.
“I think we could see Bitcoin fall all the way down about 40% from this recent high of about $74,000…That would be totally normal. It would still be totally within the normal range. In fact, I will be surprised if we don’t see a bit of a pullback.”
Ross does not see Bitcoin going right to $100,000 just because of the spot ETF narrative. “I just don’t think that’s gonna happen. So, temper your expectations, I think that it’s going to be a disappointing spring and summer for the price of Bitcoin.”
The correction, as Ross predicts, will set the stage for the start of another bull market. The bull market will start “in earnest” in the final months of 2024.
BitMEX cofounder Arthur Hayes has also predicted that the price of Bitcoin could experience a major drop ahead of the halving event.
$100,000 prediction
As reported by U.Today, Back said that $100,000 was “overdue” for Bitcoin. Back then, the Blockstream boss said that Bitcoin’s current all-time high of $73,737 was met with rather muted enthusiasm, and everyone was anticipating a six-figure price tag.
Back has also estimated that the price of Bitcoin could eventually reach $700,000 if the largest cryptocurrency were to capture gold’s market cap.
