Markets
On-Chain Analyst Reveals Bitcoin Price Targets, Says BTC Is Now Competitive to Gold’s Market Cap
The former leader of the analyst team at crypto analytics firm Glassnode predicts that Bitcoin (Bitcoin) will reach six figures this cycle.
In a new interview on the Blue Collar Bitcoin YouTube channel, James Check He says that Bitcoin could increase by more than 120% from its current value.
He also believes that Bitcoin’s market capitalization will eventually catch up to gold’s market capitalization in future cycles.
“If we believe Bitcoin is competitive with gold, how many gold bars are there for Bitcoin at terminal velocity? And that’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 the math, that’s like 1.2 million Australian dollars ($803,034). So in terms of fair value, that’s where we’re headed. This is the path we will take.
Now, in this cycle a lot depends, obviously, on where we are right now. There’s a lot of people who have looked and gone, it looks like it could be a cycling shirt and yeah, there’s been a couple of things but at the same time, when I really find out what’s going on beneath the surface, I think be very, very healthy up here. It seems like we are actually laying the groundwork for the next move.
So, honestly, I think reaching $100,000 is probably a very likely scenario. I think reaching $250,000 is not unlikely: 30% probability. So it’s kind of a ballpark. I would be very surprised if we hit the limit before $100,000. I think the $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.”
At the time of writing, Bitcoin is trading for $68,076, up slightly over the past 24 hours.
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