Bitcoin Price: $100K Is Overdue, Adam Back Says

Adam Back, a figure revered within the cryptocurrency community and cited by Satoshi Nakamoto in the Bitcoin whitepaper, has recently pointed out that Bitcoin's ascent to $73,737—an all-time high—has been met with muted enthusiasm.

According to Back's observations shared on social media, the lack of "bull market euphoria" is because a price of $100,000 for Bitcoin seems "way overdue."

With Bitcoin having spent much of a Wednesday above $73,000, the conversation has shifted from if to when Bitcoin will hit the six-figure threshold.

A prediction from February

As reported by U.Today, Back also predicted that the Bitcoin price could surpass $100,000 back in February.

This prediction was part of a broader discourse anticipating the next halving event, a mechanism built into Bitcoin's code that reduces the reward for mining new blocks by half, effectively limiting the new supply of Bitcoin and potentially driving up its price.

As reported by U.Today, Back also repeatedly stated that the Bitcoin price could surpass $700,000 if the flagship cryptocurrency were to eclipse gold.

Market sentiment: extreme greed

As Bitcoin navigates through its current price levels, the market sentiment has shifted towards "extreme greed," according to the Bitcoin Fear and Greed Index.

This sentiment is a reflection of the high expectations and bullish outlook held by many investors and enthusiasts, driven in part by significant catalysts such as the anticipated halving event and the increasing adoption of Bitcoin through vehicles like spot ETFs.

CryptoQuant.com notes that the movement of Bitcoin out of exchanges and into storage wallets, a sign of decreasing supply on the market, could lead to a supply shock, further fueling the potential for price increases.