Bitcoin Rebounds 5.5% Off $62,000 Low as Satoshi Ally Adam Back Sees ‘Bouncy’ Strength
Bitcoin has rebounded 5.5% after dropping to $62,029, a four-month low, with Blockstream CEO Adam Back calling the move 'bouncy' as he maintains his $1 million price target for 2028.
The cryptocurrency market showed resilience as Bitcoin bounced back 5.5% following a drop to $62,029 on Bitfinex, a level not seen since July. The recovery came after the digital asset experienced significant volatility, with Blockstream CEO Adam Back describing the movement as simply 'bouncy' in a social media post.
Market Context
Despite the recent rebound, Bitcoin has lost approximately 20% over the past month, trading at around half of its all-time high of $126,000 set in October 2025. The cryptocurrency fell below its 200-day moving average near $73,000 earlier this month, triggering significant market activity.
Crypto exchanges liquidated $1.65 billion in positions within 24 hours on November 13, with most liquidated positions being long bets. Additionally, investors withdrew nearly $3 billion from U.S. spot Bitcoin ETFs in recent weeks, according to SoSoValue data.
Back's Optimistic Outlook
Adam Back, who created Hashcash—the proof-of-work scheme cited in Bitcoin's original whitepaper—maintains a bullish stance on the cryptocurrency's future. In a CNBC interview on November 12, he reiterated his prediction that Bitcoin will reach $1 million by the end of 2028.
Personally I have a bet on Bitcoin to top a million by the end of the cycle, which is later in 2028.
Back estimates that around 95% of capital managed by large asset managers, mutual funds, and model portfolios has yet to enter Bitcoin, suggesting significant potential future demand. He views Bitcoin as 'better gold' due to its capped supply and simple verification, predicting banks and pension funds will drive the next wave of adoption.
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