Bitcoin bounced 5.5% after dropping to $62,029 on Bitfinex, a level last seen in July. Blockstream CEO Adam Back called the move bouncy and still expects Bitcoin to reach $1 million by 2028.
Bitcoin rebounded 5.5% after an overnight drop to a four-month low. Adam Back, the Blockstream CEO, posted a Bitfinex chart on X on Sunday with a one-word caption calling the move bouncy.
Bitcoin recovers from the $62,029 low
Early Sunday, Bitcoin fell to $62,029 on Bitfinex, a level it had not seen since July. The chart Back shared shows the price at $65,487 after the bounce.
Bitcoin has lost around 20% over the past month, according to TradingView, and trades at about half of its all-time high of $126,000 from October 2025.
Earlier this month, Bitcoin fell below its 200-day moving average near $73,000. On Nov. 13, exchanges liquidated $1.65 billion in 24 hours, and most of those positions were longs, according to CoinGlass. Investors also withdrew almost $3 billion from U.S. spot Bitcoin ETFs over the past few weeks, according to SoSoValue.
Back keeps his $1 million target
On Nov. 12, Back told CNBC that he expects Bitcoin to top $1 million by the end of the cycle, which he places later in 2028. He argues that around 95% of the capital managed by large asset managers, mutual funds and model portfolios has not yet entered Bitcoin.
As Back said: "We're still 95% or more of that to come in the following years"
He also expects banks and pension funds to become the third wave of demand, and notes that Vanguard has already allowed its clients to trade crypto ETFs.
Source: U.Today
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