Blockstream CEO Adam Back recently stated on social media that the price of Bitcoin (BTC) could reach $100,000 before the next halving event, causing both excitement and skepticism within the crypto community.
Back also believes that Bitcoin has the potential to reach between $750,000 and $1 million per BTC in a price appreciation scenario. While some enthusiasts share Back’s optimistic view, others criticize what they see as speculative predictions in an unpredictable market.
The conversation started with a tweet from analyst Vijay Boyapati, asking whether Bitcoin could reach an all-time high (ATH) before the halving event. Back confidently responded with an assertion: “That’s what I said, my bet is $100,000 before the halving.”
Back’s prediction goes against the historical price trend of the leading cryptocurrency, which has never surpassed the previous ATH before a halving event occurred. In the past two cycles, BTC’s price initiated significant upward moves several months after the halving when supply and demand stabilized at new levels.
Bitcoin’s current all-time high is around $69,000, and many believe that a substantial move beyond the previous ATH is challenging to achieve.
However, some within the community argue that the next price surge will require a significant influx of institutional money when Bitcoin-related spot ETFs finally gain regulatory approval in the United States.
A user on X (formerly Twitter) pointed out that the recent bearish cycle had brought BTC below the previous all-time high—an unprecedented occurrence until last year.
Many community members echo Back’s view of a larger price surge than any previous ones, citing factors such as institutional investors and wider Bitcoin adoption. Additionally, the leading cryptocurrency has achieved a similar store of value status as commodities like gold, even in the U.S., where regulatory agencies are tightening oversight of the industry.