Blockstream CEO Predicts Early Stages of Bitcoin’s Next Bull Market | Credit: Getty Images
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Key Takeaways
Adam Back believes Bitcoin’s bull run is still in its early stages despite struggles to reclaim $100,000.
He adds the recent BTC price consolidation is temporary, citing ETF and retail interest as key catalysts.
Bitcoin’s technical setup shows it could reach a new peak, but this depends on other factors.
British cryptographer and Blockstream CEO Adam Back believes Bitcoin (BTC) is still in the early stages of its bull market. This comment comes despite the cryptocurrency’s struggles to reclaim $100,000.
Back mentioned this when he spoke to CNBC at the ongoing Consensus Hong Kong event. In the Feb. 19 interview, the Bitcoin maximalist highlighted several factors for his stance.
Adam Back Reveals Reasons for His Stance
First, Back admits that it is difficult to predict the timing, but he is sure that the Bitcoin bull market is far from over. He mentioned that the cycle lasts for some period after the halving, and the end of this period is not yet close.
Bitcoin’s last halving occurred on April 19, 2024, less than a year after the event. Since then, BTC has climbed over 85%, reaching an all-time high of $109,114 on Jan. 20.
Besides the halving factor, the Blockstream CEO mentioned the inflows into the exchange-traded funds (ETFs), Strategy’s (previously Microstrategy) accumulation, and rising retail interest as other catalysts, implying that the Bitcoin bull market is still early.
“There are very stiff inflows into the ETF, buying about two times the Bitcoin mined per day, Microstrategy, and other Bitcoin companies buying with retail buyers dollar cost averaging,” Back stated.
Regarding Back’s position, the Bitcoin ETF inflows clearly played a huge role in pushing the price higher.
However, according to data from SoSoValue, the cryptocurrency is struggling to attract inflows into its products this month consistently. As of Feb. 18, the total net flow is $60.63 million, indicating that outflows were greater than inflows.
If this trend continues, Bitcoin’s price might find it challenging to rise significantly above $96,000.
While retail investor interest has recently increased, Back noted that the recent choppy price movement could be due to profit-taking from mid-term investors.
Furthermore, CryptoQuant data supports this view, as the Coinbase Premium Index has dropped sharply. This decline signals increasing selling pressure from U.S.-based investors.
Bitcoin Coinbase Premium Index | Crediit: CryptoQuant
Bitcoin to Steal the Spotlight from Gold?
However, this position is temporary for the cryptographer and would not stop the Bitcoin bull market from accelerating.
“I think temporarily, there is some consolidation due to some mid-term investors profit-taking. This overlay would set us up for a period where Bitcoin price starts competing with gold as investors might pull money out of gold ETF and put it into Bitcoin ETFs,” Back added.
Interestingly, while Bitcoin price keeps consolidating and correcting, gold price recently reached a new all-time high as it nears $3,000.
This development prompted renowned Bitcoin critic and economist Peter Schiff to argue that the current cycle favors a gold bull market rather than Bitcoin.
However, analysts like Benjamin Cowen criticized his remark, responding that gold’s performance over the last 16 years pales in comparison to Bitcoin’s.
What’s Next for BTC?
Meanwhile, Back told CNBC that Bitcoin might attract more capital from institutions despite the gold rush. He also mentioned that the potential approval of the Strategic Bitcoin Reserve (SBR) under the Donald Trump administration may validate how early the Bitcoin bull market is.
From a technical standpoint, Blockstream CEO Adam Back’s outlook appears valid—though not in line with his seven-figure Bitcoin price prediction from November 2024.
As seen below, BTC has formed a bull flag on the weekly chart. This pattern indicates that the brief pause in the cryptocurrency’s rally could be the catalyst that sends it higher.
If this trend continues, the price might rally toward $115,097 in the short term. If the coin sees an increase in capital allocated by this time, this could set the stage for an extended Bitcoin bull market.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
