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Highlights
- Bitcoin price may hit ATH this long weekend according to Adam Back
- Major GBTC selloff is ruled out from fueling bearish drawdowns
- He also noted that Coinbase outage is unlikely owing to low Base volume
Blockstream CEO Adam Back seems very optimistic about the possibility of Bitcoin (BTC) hitting a new all-time high (ATH) this “long” weekend.
Bitcoin Might Hit ATH This Weekend
Back shared his optimistic sentiment in the early hours of Friday on X, citing some events that could have derailed the coin from reaching for a new ATH. For perspective, Grayscale spot Bitcoin ETF GBTC has been experiencing outrageous outflows, with one of the most recent reaching as high as $105 million in a day. Noteworthy, this was a 60% drop from the previous day.
A significant percentage of these outflows are a result of heavy liquidations by bankrupt players like Gemini and Genesis looking to repay its creditors. With the long weekend, it looks like Traditional Finance (TradFi) firms like Grayscale and many other investment companies will be going offline. This would mean a pause in the massive GBTC outflows.
Ordinarily, there could be a supply shock if GBTC outflows plummeted drastically but inflows continue at the same slow pace. In the long run, the supply shock may drive Bitcoin prices to its price peak considering the other metrics in the market.
There’s also the case of the consistent outages that American cryptocurrency exchange Coinbase has been experiencing. The last Coinbase outage was recorded when Bitcoin hit a new ATH above $70,000. Blockstream CEO thinks that Coinbase’s “circuit-breaker” will not be recorded during the weekend, seeing that Base volume is currently low. This could potentially kick the Bitcoin price further up.
To further make his point clear, Back quoted a statement from weapons master Gurney Halleck in Dune.
“the slow blade penetrates the shield,” as the Blockstream CEO suggested that all of the aforementioned activities may be the likely distractions that Bitcoin needs to see a new ATH.
maybe #bitcoin can make a new ATH this long-weekend: tradfi is offline so $GBTC can't be dumped by bankruptcies, @coinbase "circuit-breaker" won't crash as base volume is lower. just three $1k+ daily candles would do it. "the slow blade penetrates the shield" -Gurney Halleck,… pic.twitter.com/6xh2QArA1s
— Adam Back (@adam3us) March 29, 2024
Analysts Shares High BTC Price Expectations
Back’s speculation seems to agree with earlier predictions from top crypto market analysts Ali Martinez and Markus Thielen. Martinez strongly believes that BTC’s price will scale above $74,500 in the coming days. He explained that if BTC can hold its position above the 200-EMA and surpass the neckline resistance level at $71,580, Bitcoin could signal a bullish reversal instead.
This could potentially pave the path for a 4.44% increase in value which will end up pushing the price of the coin to $74,760.
On one hand, Thielen sees Bitcoin registering up to a 12% increase in April. With Bitcoin halving happening in a few weeks, time will tell if the crypto analyst is right about his prediction.
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