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The Bitcoin price is not so far from reaching a $100,000 valuation, recalled Adam Back, founder of Blockstream.
The BTC price broke $10,000 when it was not even expected to move above $1,000.
Bitcoin (BTC) went on to revisit the $10,000 level with ease a few times.
Over the years, the bitcoin price reached a peak near $20,000, reached within just weeks from lows around $3,500.
Adam Back recently shared the following Tweets on Crypto Twitter:
“It’s closer than it sounds as along the path of hyperbitcoinization, the USD inflation rises, eg aided by Modern Monetary Theory rationale for high inflation, so $1 becomes worth say 10c over a decade or two of monetary craziness, then $10mil/BTC is $1mil/BTC in today’s money.”
“And $100k Bitcoin doesn’t seem so far given we already crossed $10k threshold a few times when few expected even $1k some years back and $10k seemed crazy.”
In other Crypto news today, this simple observation suggests Bitcoin is about to go parabolic.
Historical data suggests the BTC halving to boost prices pre-event. Cryptocurrency analyst Nunya Bizniz recently made an eerily bullish observation about Bitcoin.
He noted that in the two previous market cycles of the BTC market, the cryptocurrency performed extremely well starting 120 days (four months) out from the cycles’ respective block reward reductions, known as “halvings” or “halvenings.”
In the four months prior to the first halving in 2012, the price of BTC rallied dozens of percent higher from $10 to around $14 by the time of the event; and in the four months prior to the second halving in 2016, the price of Bitcoin went effectively parabolic, running from $432 to $700.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
And $100k Bitcoin doesn’t seem so far given we already crossed $10k threshold a few times when few expected even $1k some years back and $10k seemed crazy.
— Adam Back (@adam3us) January 11, 2020
Bitcoin is about 120 days away from the halving.What was price action like 120 days prior to the first two halvings?
Whether you believe its priced in or not, if past is prologue – volatility may be expected. pic.twitter.com/7peG6Ir0m4
— Nunya Bizniz (@Pladizow) January 10, 2020
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