Bitcoin rebounded 5.5% after falling to $62,029 on Sunday, marking its lowest price since July. The rebound brought the price to $65,487 on Bitfinex, according to a chart shared by Blockstream CEO Adam Back.
Back, who created the proof-of-work scheme cited in Bitcoin's original whitepaper and was among the first contacted by Satoshi Nakamoto about the project, posted a one-word caption describing the movement: "Bouncy."
The recent decline has been substantial. Bitcoin has lost approximately 20% over the past month and is trading near half its all-time high of $126,000 set in October 2025. The price fell below its 200-day moving average near $73,000 earlier this month.
Market pressures have intensified the selloff. On November 13, crypto exchanges liquidated $1.65 billion in positions within 24 hours, with the majority being long positions. Investors also withdrew nearly $3 billion from U.S. spot Bitcoin ETFs in recent weeks.
Back remains bullish on Bitcoin's long-term prospects. In a November 12 CNBC interview, he reiterated his expectation that Bitcoin will reach $1 million by the end of 2028. He cited the limited participation of large institutional investors, noting that approximately 95% of capital managed by major asset managers, mutual funds, and model portfolios has not yet entered Bitcoin.
Back described Bitcoin as "better gold" due to its capped supply and simple verification mechanism. He anticipated that banks and pension funds would represent the next wave of institutional demand, pointing to Vanguard's recent move to allow clients to trade crypto ETFs as a sign of broader adoption beginning.
"I think we're in the early innings of a bull market cycle," Back said.
