According to a tweet posted by Blockstream CEO Adam Back, he was recently dreaming about the Bitcoin (BTC) price hitting $20,000. Notably, he thinks that it would not surprise him if that happened in real life due to the current market conditions.
woke up to a vivid dream this morning, which took a moment to realize was a dream. sure you’ve had them once in a while. it was that bitcoin hit $20k overnight and then pulled back to $16k. didn’t seem surprising given the market conditions, so it wasn’t price that caused wakeup
— Adam Back (@adam3us) March 21, 2020
The coronavirus crisis has created economic mayhem that has affected pretty much every asset class. Bitcoin also took a huge hammering last week together with global stocks.
After BTC managed to recover 80 percent of its humongous drop, the S&P 500, the flagship index of the U.S. equities market, dragged it down once again on Friday. Due to another bloodbath on Wall Street, BTC dropped 20 percent from its yesterday’s high of $6,951 before the bulls stepped in to push the price back above $6,000.
Bitcoin could rocket higher
It is worth noting that Back accurately called Bitcoin’s recent price spike. As reported by U.Today, he explained that dip buyers would soon start putting their cash to work.
The drop that followed dampened bullish sentiment, but it remains to be seen whether this downtrend will continue. With the U.S. Federal Reserve firing new bazookas and the Bank of England promising to print an unlimited amount of money, there hasn’t been a better time for Bitcoin to shine.