Adam Back considers Bitcoin under $100,000 to be cheap and believes its price will rally significantly once it surpasses this level. He attributes the recent surge to poor economic conditions. Additionally, Tom Lee anticipates a Bitcoin rally in tandem with rising gold prices, suggesting that BTC could soon reach new all-time highs.
Adam Back, CEO and founder of Blockstream, has shared insights on the cryptocurrency market, particularly regarding Bitcoin (BTC). He remarked that Bitcoin, trading under $100,000, is currently cheap, and he encouraged investors to consider buying at this price. Back believes that once Bitcoin breaches the $100,000 mark, its price is likely to surge significantly. He attributes recent Bitcoin price increases to the poor current economic conditions, suggesting that Bitcoin’s rise is a reaction to economic turmoil.
Recent market movements saw Bitcoin spike by 6.5%, increasing from $88,590 to $94,355 before slightly retracing to $93,650. This volatility underscores the dynamic nature of the cryptocurrency market, and Back maintains that Bitcoin’s true rally will commence when the U.S. government implements measures to stabilise the economy.
Meanwhile, Tom Lee of Fundstrat appeared on CNBC’s Squawk Box, discussing the correlation between Bitcoin and gold markets. He forecasts that Bitcoin is poised for anew rally following a phase of price suppression by financial institutions which needed to liquidate their assets. With gold recently hitting an all-time high of $3,500 per troy ounce, Lee believes Bitcoin has substantial potential to rise, aiming for its own new all-time high as it aligns more closely with gold prices.
