Markets
On-Chain Analyst Unveils Bitcoin Price Targets, Says BTC Now Competitive Against Gold Market Cap
The former head of the analyst team at crypto analytics firm Glassnode predicts that Bitcoin (BTC) will reach six figures this cycle.
In a new interview on the Blue Collar Bitcoin YouTube channel, James Check said that Bitcoin could rise by more than 120% from its current value.
He also believes that the market cap of Bitcoin will ultimately reach the market cap of gold in future cycles.
“If we think Bitcoin is competitive with gold, how many gold bars are there per Bitcoin at terminal velocity? And it’s about 10.8 kilograms. So what is the price target for [Bitcoin]? Well, that’s at least 10.8 kilograms of gold and if you do that math, that works out to 1.2 million Australian dollars (US$803,034). So in terms of fair value, that’s where we’re heading. This is the path we are going to take.
In this cycle, obviously a lot depends on the current situation. There’s a lot of people who watched and left, it looks like it could be a cycle high and yes there have been a few things but at the same time when I really find out what’s going on beneath the surface I think it’s very, very healthy here. It’s like we’re laying the foundation for the next step.
Honestly, hitting the $100,000 mark is probably a very likely scenario. I think it’s not improbable to reach the $250,000 mark: there is a 30% probability. So it’s sort of an approximation. I would be very surprised if we topped out before $100,000. I think $150,000 happens because the size of Bitcoin at that time is still insignificant. And the other thing is 10.8 kilograms of gold, gold is also increasing.
Bitcoin is trading at $68,076 at the time of writing, up slightly over the past 24 hours.
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