Adam Back Cites Bitcoin's 200-Week Average Crossing $65,000

Blockstream CEO Adam Back pointed to Bitcoin's (BTC) 200-week moving average crossing $65,000, linking the level to a historical pattern of appreciation after bear markets.

Back said Bitcoin has historically begun to appreciate after bear markets when the 200-week measure reaches this stage. He also said large banks are recommending Bitcoin allocations of 2% to 4%, with some recommendations exceeding that range.

In an earlier long-term outlook for Bitcoin, Back outlined a potential path to $1.5 million per coin by 2030. That view cited institutional participation, spot exchange-traded funds and Bitcoin's fixed supply.