CEO of Blockstream Adam Back says Bitcoin is going to $200 trillion market cap.
This means BTC has the potential to experience a 100x pump.
This would send the price of Bitcoin from 6-digit to 8-digit prices.
Despite Bitcoin’s slow recovery since its drop to the $113,000 price range, expectations for BTC to hit higher ATH targets this bull cycle have only grown stronger. Most recently, the CEO of Blockstream Adam Back says Bitcoin is going to $200 trillion market cap, marking 100x pump potential for the price of BTC, and strong price chart indicators support greater ATH prices for BTC this bull cycle.
CEO of Blockstream Adam Back Expects $200 Trillion BTC Market Cap
The price of Bitcoin (BTC) set its latest ATH of $123,000 over 20 days ago, igniting expectations for higher BTC ATH prices this bull cycle. However, since then, the price of BTC declined to hit higher lows and close crucial CME Gaps, the latest one being the $114,000 and $115,000 price range. Presently, the price of BTC is still trading at these levels, struggling to reclaim higher prices.
Over the last few weeks, the price of BTC declined repeatedly before it could reclaim the $120,000 price range. The first time was due to a heavy $9 billion BTC sell-off from Galaxy Digital, where the entity sold 80,000 BTC for a profit. The next came from a financial market reaction to Powell refusing to cut rates in August. These actions together brought the price of BTC down significantly, allowing ETH to outperform.
Despite these setbacks, the Altseason Index shows that we are still very much in Bitcoin season, meaning the pioneer crypto asset has yet to hit much higher ATH prices, and is expected to do so soon. Presently, the expectations are set for BTC to hit a new ATH price range between $130,000 and $145,000 prices. This will propel the greater crypto market to hit higher highs as well.
https://twitter.com/IncomeSharks/status/1952791745470841308
As we can see from the post above, this reputed crypto analyst shares a bullish BTC price chart and highlights how BTC is still holding both the diagonal and horizontal lines, making the asset remain bullish for now. He also adds that there is no reason to invalidate squiggles, but a close below both horizontal and diagonal would lead to that outcome. For now, he concludes that BTC still looks positioned for higher targets.
This Marks a 100x BTC Pump Potential
https://twitter.com/BTC_Archive/status/1952828348989599768
The post above shows how CEO of Blockstream Adam Back talks about what the world would look like if BTC reaches full adoption. He says it is highly possible that Bitcoin is going to hit a $200 trillion market cap. If this prediction were to play out, this would mean that Bitcoin could pull a 100x from its current prices, allowing BTC to go from 6-digit prices to 8-digit prices.
