Bitcoin (BTC), a well-known cryptocurrency, has the potential to reach new heights in 2024, according to comments from Adam Back, the head of Blockstream, in an interview with Cointelegraph. Back, who has made significant contributions to the development of Bitcoin and is the creator of a key algorithm for its protocol, emphasized that the decline in Bitcoin prices was associated with the COVID-19 pandemic, economic inflation, and international conflicts.

However, he expressed confidence that 2024 would be a year of recovery for Bitcoin. The primary catalyst for growth will be the halving event scheduled for April 2024. This event, which occurs every four years and reduces the number of new Bitcoins issued by half, implies a potential increase in the value of Bitcoin due to reduced supply.

Back also mentioned the Stock-to-Flow model developed by analyst PlanB, which uses halving as a key element to predict the future price of Bitcoin. This model suggests that Bitcoin could reach significant price milestones, such as $100,000 or even $1 million in the next cycle.

In Back's opinion, Bitcoin is becoming a more liquid and attractive asset for investors, especially those seeking protection against inflation and financial crises. He also compared Bitcoin to gold, noting its digital advantages, global availability, and limited supply.

The Blockstream leader expressed optimism about Bitcoin's future, highlighting its potential and long-term growth opportunities, despite current volatility and uncertainty.