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With Bitcoin hovering around the $73,000 mark for several days, maintaining its position after reaching a new all-time high earlier in the week, Adam Back, CEO and Co-Founder of Blockstream, on X commented on the lack of excitement surrounding Bitcoin’s price movements, even in the mainstream media.
Back suggests that the anticipation for Bitcoin to hit $100,000 is so strong that current price levels don’t spark the same level of excitement. He stated, “Bitcoin tapped $73k Tuesday. No one said anything. Spent much of Wednesday above $73k. I think the reason things are muted is that $100k seems way overdue, for a few years now, so there’s not much bull market euphoria as the $1-5k green candles scroll by. Just tick tock $100k.”
Earlier in the week, Back had expressed a more emphatic view on social media, stating that “bitcoin under $100k is bullshit IMO.” As it stands, Bitcoin’s price is at $72,990, according to the latest CoinMarketCap data.
Other market analysts, including Willy Woo, share Back’s sentiment. Woo pointed out the emerging interest in Bitcoin ETFs and predicted that institutional investments and wealth management platforms would require a few months for due diligence before making substantial allocations.
He also projected that the current cycle would end with over a billion people worldwide owning Bitcoin, drawing parallels to the adoption rate of the internet.