Blockstream CEO's $1 Million Bitcoin Target Implies a 1,350% Surge From $69K

At a Glance

• Blockstream CEO Adam Back says Bitcoin could reach $1 million by late 2028, citing its fixed supply.
• The daily chart still favors sellers, with Bitcoin stuck under both major moving averages.
• Traders are watching whether the nearest support holds or gives way to a deeper flush.

Adam Back, the Blockstream chief executive, has put a seven-figure price on Bitcoin within a few years.

The forecast lands during a rough stretch for Bitcoin, which has lost ground for weeks. Traders want to know whether buyers can halt the slide first.

Adam Back Puts a $1 Million Price on Bitcoin by Late 2028

Back, an early cypherpunk whose Hashcash work is cited in the Bitcoin white paper, says BTC could reach that level by late 2028. He framed it as a possibility. He did not promise a date.

He 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.

The live chart sets a high bar. Bitcoin trades near $69K, so the target sits roughly 1,350% above today's price.

Bitcoin Trades Under Both Key Averages as the Month Bleeds Lower

Bitcoin (BTC) daily price with the nearest support (green) and resistance (red). Source: TradingView

Bitcoin sits below both of its main trend lines. The 50-day average stands near $78K. The 200-day average sits lower, near $76K. A moving average smooths out daily swings, and price under both points to sellers in control.

Each line can act as a ceiling on rallies until buyers push through it.

Bitcoin slipped about 3% over the past day and about 9% over the week. Across the month the drop reaches roughly 17%. The slide has built for weeks.

Any bull case needs Bitcoin to reclaim the 200-day average and hold above it.

Sellers Still Lead Even With RSI Deep in Oversold Territory

RSI, a 0 to 100 gauge of momentum, sits near 26 on the daily chart. Any reading under 30 counts as oversold. Stretched markets often snap back with short relief bounces.

An oversold reading does not mark a bottom on its own. Strong downtrends can keep RSI pinned low for days or even weeks while price keeps sliding.

MACD, a momentum gauge, still points down, and trend strength readings show sellers leading.

$63K Is the Floor Between a Bounce and a Deeper Flush

The nearest floor 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.

A push through the next resistance near $80K would carry price back above both averages and shift control toward buyers.

What the Next Three Days Could Bring

Two paths stand out.

• Bullish: The oversold bounce holds the nearest floor and pushes through first resistance, carrying Bitcoin back toward the 200-day average. A daily close below that floor would invalidate this path.
• Bearish: Support breaks and opens the path to the next level below. A reclaim of first resistance would invalidate this path and point to demand returning.

A Long Call Meets a Short-Term Downtrend

Back's target rests on a supply argument that plays out over years. The chart speaks to the coming days, and right now it favors sellers.

Deeply oversold markets tend to swing hard in either direction. Traders who act on either outlook may want smaller positions until the trend settles.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.