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Blockstream CEO Adam Back has commented on the rebound of Bitcoin after its overnight drop to a four-month low. On Sunday, Back posted a Bitfinex chart of Bitcoin on X with a one-word caption: "Bouncy."
Back created Hashcash, the proof-of-work scheme that Satoshi Nakamoto cited in the original Bitcoin whitepaper, and he was one of the first people Satoshi contacted about Bitcoin.
Early Sunday, the price of Bitcoin fell to $62,029 on Bitfinex, a level it had not seen since July. After that, Bitcoin went up by 5.5%, and the chart shared by Back shows the price at $65,487.
Bitcoin has lost around 20% over the past month, according to price data by TradingView. Its all-time high of $126,000 was set in October 2025, and Bitcoin is now trading at about half of that level.
Earlier this month, Bitcoin fell below its 200-day moving average near $73,000. On Nov. 13, crypto exchanges liquidated $1.65 billion in 24 hours, and most of the liquidated positions were longs, according to CoinGlass. Besides, investors withdrew almost $3 billion from U.S. spot Bitcoin ETFs over the past few weeks, according to SoSoValue.
The decline comes after Binance lost $6.4 billion in a hack in October. Fundstrat managing partner Tom Lee has also called the recent drawdown a rotation of money into mega-IPOs, and Anthropic is set to start trading on Nasdaq on Nov. 19.
Adam Back expects Bitcoin to reach $1 million by 2028
On Nov. 12, Back told CNBC that he still expects Bitcoin to reach $1 million in the current cycle. "Personally I have a bet on Bitcoin to top a million by the end of the cycle, which is later in 2028," Back said.
According to Back, around 95% of the capital managed by large asset managers, mutual funds and model portfolios has not yet entered Bitcoin. "We're still 95% or more of that to come in the following years," he said.
Back calls Bitcoin "better gold" because of its capped supply and simple verification. He expects banks and pension funds to become the third wave of demand for Bitcoin, and Vanguard has already allowed its clients to trade crypto ETFs.
"I think we're in the early innings of a bull market cycle," Back added.