Blockstream CEO Adam Back has weighed in on Bitcoin’s rebound after it fell to a four-month low overnight. On Sunday, Back posted a Bitfinex chart of Bitcoin on X, captioning it with one word: "Bouncy."
Back created Hashcash, the proof-of-work scheme cited by Satoshi Nakamoto in the original Bitcoin whitepaper. He was also among the first people Satoshi contacted about Bitcoin.
Early Sunday, Bitcoin fell to $62,029 on Bitfinex, a price not seen since July. It then rose by 5.5%, and the chart Back shared shows the price at $65,487.
Bouncy. 🟩+5.5% overnight👍 https://t.co/fzspLHXcbr
- Adam Back (@adam3us) November 15, 2026
Bitcoin has shed around 20% over the past month, according to TradingView price data. Its all-time high of $126,000 was reached in October 2025, and it is now trading at about half that level.
Earlier this month, Bitcoin fell below its 200-day moving average, near $73,000. On Nov. 13, crypto exchanges liquidated $1.65 billion in 24 hours. Most of the liquidated positions were longs, according to CoinGlass. Investors have also withdrawn almost $3 billion from U.S. spot Bitcoin ETFs over the past few weeks, according to SoSoValue.
The decline follows a hack in October in which Binance lost $6.4 billion. Fundstrat managing partner Tom Lee has also described the recent drawdown as a rotation of money into mega-IPOs. Anthropic is set to begin trading on Nasdaq on Nov. 19.
Adam Back expects Bitcoin to reach $1 million by 2028
On Nov. 12, Back told CNBC he still expects Bitcoin to reach $1 million in the current cycle. "Personally I have a bet on Bitcoin to top a million by the end of the cycle, which is later in 2028," Back said.
Back said around 95% of the capital managed by large asset managers, mutual funds and model portfolios has yet to enter Bitcoin. "We're still 95% or more of that to come in the following years," he said.
Back calls Bitcoin "better gold" because its supply is capped and it is easy to verify. He expects banks and pension funds to form a third wave of demand for Bitcoin. Vanguard has already allowed its clients to trade crypto ETFs.
"I think we're in the early innings of a bull market cycle," Back added.
