The head of the Blockstream fintech company, Adam Back, expressed confidence that bitcoin will reach a new historical high of $100,000 by 2024. This information is reported by the Cointelegraph portal.

Back noted that bitcoin is currently lagging behind the growth it demonstrated before the previous halving events. He identified three key factors that influenced him: the Covid-19 pandemic, quantitative easing policies in the United States and Europe, and conflicts at the local level.

These events, according to Beck, influenced not only the general state of the market, but also the strategies of investors, who became more cautious and focused on risk management. This led to the sale of more liquid assets, including bitcoin.

Beck stressed that the recent growth in the bitcoin market is the first signal that the impact of the above-mentioned macroeconomic events is beginning to weaken. Because of this, he assumes that bitcoin will reach a new historical high in 2024.

As the most likely forecasting model, Beck mentioned Stock-to-Flow, created by an analyst with the pseudonym PlanB. It worked successfully until the fall of 2021, when the crypto market collapsed.

Back concluded that bitcoin could reach the $100,000 level before spot bitcoin ETFs are launched and before the next halving. He also stressed that the impact of this factor on the market should not be underestimated.

It is important to note that Adam Back is not the only one who predicts the potential growth of bitcoin in 2024, even without the approval of spot bitcoin ETFs. Analysts from Matrixport expressed a similar opinion.