The famous cypherpunk, Adam Back, CEO of the bitcoiner company Blockstream, believes in the possibility that the price of bitcoin (BTC) will reach a new all-time high (ATH) this Easter weekend, given that the markets Traditional financial institutions in the United States have been closed. Now that bitcoin is trading in the $70,000 range, at the time of writing this note, the price of the digital currency must increase between 4,000 and 5,000 dollars to fulfill Back's prediction. He sees the increase as possible due to the combination of three fundamentals that are occurring during the current Easter holiday. The first of the reasons presented yesterday by Back, in your X accountthe thing is There is no selling pressure derived from the withdrawal of funds from the Grayscale bitcoin ETF (GBTC). This is due to the fact that, precisely, the stock market closes on Good Friday. Secondly, he adds that, since the volume of trade decreases during the holidays, “three daily candles of more than 1,000 dollars will be enough” for bitcoin to reach a new all-time price high. The last one reached last week left it at USD 73,700. Back's third argument is that bitcoin ignored the options market closing for record numbers. “And it's coming back for the weekend,” he added in his analysis, envisioning new momentum for the pioneering digital currency. With that, made reference to the fact that Deribit, the world's leading cryptocurrency options exchange, liquidated quarterly bitcoin contracts worth $9.5 billion yesterday, without strongly impacting the price of BTC.
For Adam Back there are solid arguments for a new bitcoin ATH to arrive during Easter. SourceX/Adam3us. Back then cited Gurney Halleck, the main character of the movie Dune, with his famous phrase «the slow blade penetrates the shield», which has to do with combat in martial arts. He means that the shield stops quick blows, but allows himself to be pierced by a slow lunge with the kindjal (double-edged dagger). In this way, Adam Back explains that since the trading volume drops during Easter and there are not many participants in the market, even a small buying force (slow knife) can overcome the resistance level (shield) for the price of bitcoin to reach a new all-time high. Other analysts follow the same line as Back, although they do not specifically refer to the Easter weekend, but instead see new ATHs coming for this same year 2024. As reported by BitcoinDynamic, the projection of investors and financial companies is that bitcoin will rise between 60% and 370% from its current level.