Blockstream CEO Adam Back says Bitcoin could reach $1 million by late 2028, a level roughly 1,350% above the current price. The daily chart still favors sellers, and traders are watching whether nearest support holds.
Adam Back, the Blockstream chief executive, says Bitcoin could reach $1 million by late 2028. He framed it as a possibility and did not promise a date.
Back argues that steady buying from institutions, including funds and corporate treasuries, will press against a coin count that cannot grow. In his view, that imbalance could push the price much higher over the next few years.
A target 1,350% above the current price
Bitcoin trades near $69K, so the target sits roughly 1,350% above today's price. The forecast lands during a rough stretch for Bitcoin, which has lost ground for weeks.
Bitcoin slipped about 3% over the past day and about 9% over the week. Across the month, the drop reaches roughly 17%.
Price sits below both key averages
Bitcoin trades below both of its main trend lines. The 50-day average stands near $78K, while the 200-day moving average sits lower, near $76K. Price under both points to sellers in control.
Meanwhile, RSI sits near 26 on the daily chart, and any reading under 30 counts as oversold. Stretched markets often snap back with short relief bounces. However, an oversold reading does not mark a bottom on its own, and strong downtrends can keep RSI pinned low for days or even weeks.
$63K is the floor between a bounce and a deeper flush
The nearest support sits near $63K, where buyers last slowed the slide. A daily close below it would put the next support near $59K in play.
Holding that floor keeps a relief bounce on the table. Any rebound meets resistance near $75K first, just under the 200-day average, and a push through the next resistance near $80K would shift control toward buyers.
Back's target rests on a supply argument that plays out over years, while the chart speaks to the coming days, and right now it favors sellers.
Source: Crypto Daily™
Trading involves risk.
Risk Disclaimer
