The ex-leader of the analyst team at crypto analytics company Glassnode has made a bold prediction about Bitcoin (
BTC
), forecasting that it will reach a six-figure value in this current cycle.
During a recent interview on the Blue Collar Bitcoin YouTube channel, James Check shared his belief that Bitcoin could surge by over 120% from its current price. He also anticipates that Bitcoin’s market cap will eventually surpass that of gold in future cycles.
Check explained, “If we consider Bitcoin to be on par with gold, how many gold bars would equal one Bitcoin at its peak? The answer is around 10.8 kilograms. So, what’s the price target for Bitcoin? Well, it’s at least 10.8 kilograms of gold, which translates to approximately $1.2 million Australian dollars ($803,034 USD). This is where we are headed in terms of fair value. This is the path we are on.”
He continued, “In this current cycle, the outcome will largely depend on our current position. Many believe we may have reached a cycle peak, but upon closer examination, I believe the market is quite robust at this stage. It feels like we are laying the groundwork for the next big move. Therefore, I think it is very likely that Bitcoin will reach the $100,000 mark. The chances of it reaching $250,000 are not unlikely – I would estimate around 30% probability. I would be surprised if we hit a ceiling before $100,000. By the time we reach $150,000, Bitcoin’s size will still be relatively insignificant. Additionally, the price of gold is also rising.”
As of the time of writing, Bitcoin is trading at $68,076, showing a slight increase in the past 24 hours.
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