Blockstream’s CEO, Adam Back, has publicly conveyed his strong belief in Bitcoin‘s capacity to achieve record-breaking highs. He shared his viewpoint on social media, highlighting potential hurdles that might impede Bitcoin’s ascent. Among the recent developments in the cryptocurrency sphere, Grayscale’s GBTC Bitcoin ETF has witnessed remarkable outflows, one instance amounting to a withdrawal of $105 million in a single day.
Investor Movements Impacting Bitcoin Flow
This outflow was notably 60% less than that of the day before. A considerable portion of these withdrawals is attributed to substantial liquidations by entities navigating bankruptcy, including Gemini and Genesis, as they strive to settle with creditors. With the weekend on the horizon, entities like Grayscale might take a break from operations, potentially halting the substantial outflows from GBTC.
A noticeable reduction in GBTC outflows, alongside persistent subdued inflows, may cause a supply squeeze. Over time, this could be a catalyst, propelling Bitcoin prices to new highs, taking into account additional market indicators. The cryptocurrency trading platform Coinbase has also been experiencing service interruptions. A past instance of Coinbase outages coincided with Bitcoin’s climb above $70,000. Back speculates that due to the current low trading volume, Coinbase’s emergency measures may not activate over the weekend, which could further boost Bitcoin’s valuation.
Analysts’ Predictions Align with Back’s Optimism
Back’s assertions are in sync with forecasts from prominent crypto market analysts Ali Martinez and Markus Thielen. Martinez predicts a potential rise in Bitcoin’s value above $74,500 soon, contingent on its ability to stay above the 200-EMA and breach the $71,580 resistance. This scenario could signal an uptrend leading to an approximate 4.44% increase in Bitcoin’s price, driving it to nearly $74,760.
Thielen notes that Bitcoin has already enjoyed up to a 12% surge in April. As the Bitcoin halving event approaches, the crypto community watches closely to see if these expert predictions will materialize.
