- The CEO of Blockstream, Adam Back, believes that while Bitcoin will hit $100k, GBTC and other ETH will crash.
- A member of the crypto community said it will be hard “as inflation hits double digits.”
- Bitcoin touched $20,072 and bounced back almost immediately to $22,973.
Amid the significant fear, uncertainty, and doubt in the crypto market, analysts on Twitter (NYSE:TWTR) argue that Bitcoin (BTC) will reach the $100k price point this year.
A YouTuber, who self-identifies as Blockchain Chick on Twitter, asserted that Bitcoin will go well above $100k in the next bull market and that “anyone buying around these prices will be very happy the next run-up to ATH.”
Some Twitter users countered her claim. User @day_nft_io argued that the “only reason” BTC hit $69,000 last time was because the governments had printed fiat money non-stop for two years. Therefore, BTC at $100k is unlikely to happen.
They went on to add that “as inflation hits double digits, it may become harder and harder to do so…”
However, Adam Back, the CEO of Blockstream and inventor of Hashcash used in the Bitcoin mining, validated Blockchain Chick’s claims. While he believes her prediction, he also predicted a probable collapse of Grayscale Bitcoin Trust (GBTC) and other Bitcoin exchange-traded funds (ETF).
In his words:
My permabull case for BTCUSD [is] $100k this year. Plus, a US physical ETF chaser (GBTC upgrade + other) would create a nice whipsaw and probably trigger a big uncoupling and positive reflexivity into a blow-off top next year.
So far this week, Bitcoin hasn’t broken the 20k price point. It touched $20,072 and bounced back almost immediately to $22,973. In the last 24 hours, BTC highs and lows are $21,870 and $20,205.
Likewise, its market capitalization is currently $397 billion, falling from about $553 billion in the last seven days.