Bitcoin rebounds 5.5% from $62,029 low as Adam Back posts 'Bouncy' chart
In brief
- Bitcoin fell to $62,029 on Bitfinex early Sunday, a level last seen in July.
- Bitcoin then rose 5.5% to $65,487, per the Bitfinex chart Adam Back posted on X.
- Bitcoin is down about 20% over the past month, per TradingView data.
- Liquidations totaled $1.65 billion on Nov. 13, mostly long positions, according to CoinGlass.
- Adam Back told CNBC he still expects Bitcoin to reach $1 million this cycle.
A four-month low, then a bounce
Back's post was one word long. It still got attention, partly because of who he is: Back created Hashcash, the proof-of-work scheme cited in the Bitcoin whitepaper, and he was one of the first people Satoshi Nakamoto contacted about Bitcoin.
The bounce doesn't undo much of the damage. Bitcoin has lost around 20% over the past month, according to TradingView price data, and it's trading at about half of the $126,000 all-time high it set in October 2025. Earlier in the month, it slipped below its 200-day moving average near $73,000.
Liquidations and ETF outflows
Leverage got flushed. On Nov. 13, crypto exchanges liquidated $1.65 billion in 24 hours, and most of those positions were longs, according to CoinGlass data cited by U.Today. Investors also withdrew almost $3 billion from U.S. spot Bitcoin ETFs over the past few weeks, per SoSoValue.
Back isn't changing his long-range view.
Back's $1 million call
On Nov. 12, Back told CNBC he still expects Bitcoin to reach $1 million in the current cycle, U.Today reported. He put a date on it, too.
"Personally I have a bet on Bitcoin to top a million by the end of the cycle, which is later in 2028," Back said.
His argument rests on who hasn't bought yet. Back said around 95% of the capital managed by large asset managers, mutual funds and model portfolios hasn't entered Bitcoin, and he expects banks and pension funds to become the third wave of demand. He calls Bitcoin "better gold" because of its capped supply and simple verification. Vanguard has already allowed its clients to trade crypto ETFs, U.Today noted.
That's Back's personal view (he described it as a bet), not a price forecast from this desk.
Frequently asked questions
How low did Bitcoin fall before Sunday's rebound?
Bitcoin fell to $62,029 on Bitfinex early Sunday, a level it hadn't seen since July. It then rose 5.5%, and the Bitfinex chart Adam Back shared on X showed the price at $65,487.
Why does Adam Back expect Bitcoin to reach $1 million?
Back told CNBC that around 95% of capital managed by large asset managers, mutual funds and model portfolios hasn't entered Bitcoin yet. He expects banks and pension funds to become the third wave of demand, and he said he has a personal bet on Bitcoin topping $1 million by the end of the cycle, later in 2028.
