Bitcoin Veteran Adam Back Says BTC in Early Bull Market Phase, Could Explode by Over 700% – Here’s the Timeline

Bitcoin veteran Adam Back believes that Bitcoin is still in the early stages of a bull market cycle and could potentially surge by over 700% in the current cycle. In an interview with Coinstelegram, Back mentioned that predictions of Bitcoin reaching $1 million or half a million by the end of the cycle are possible. He explained that the length of time investors hold onto Bitcoin and shares in Bitcoin spot ETFs are driving bullish momentum. When new money enters the market, the market cap increases, and even a small amount of new money can have a significant impact on the price due to the limited supply on exchanges. Back also noted that evidence shows ETF investors tend to hold their positions, contributing to price stability. At the time of writing, Bitcoin is trading at $59,212, showing a nearly 2% increase in the last 24 hours.