Markets
On-chain analyst reveals Bitcoin price targets and claims BTC is now competitive with gold’s market cap
The former analyst team leader 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 it says that Bitcoin could rise more than 120% from its current value.
He also believes that Bitcoin’s market capitalization will eventually reach gold’s market capitalization in future cycles.
“If we believe that Bitcoin is competitive with gold, how many gold bars are there per Bitcoin at terminal velocity? And it weighs about 10.8 kg. So what is the target price for [Bitcoin]? Well, that’s at least 10.8 kilograms of gold and if you do the math, that’s about $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 follow.
Now, in this cycle it depends a lot, of course, on where we are at the moment. A lot of people looked and it disappeared, it looks like it could be a bike top and yes, there were some things, but at the same time, when I really unpack what’s going on under the surface, I think it’s very, very healthy here. It feels like we’re really laying a foundation for the next step.
So honestly, I think getting to $100,000 is probably a very likely scenario. Reaching $250,000 I don’t think is unlikely – odds of 30%. So this is kind of an estimate. I would be very surprised if we hit the limit before $100,000. I think $150,000 happens because the size of Bitcoin at that point is still insignificant. And the other thing is 10.8 kilos of gold, gold is also rising.”
Bitcoin is trading for $68,076 at the time of writing, a slight increase over the last 24 hours.
Don’t miss a beat – Subscribe to receive email alerts directly to your inbox
To check Price Action
Follow us on X, Facebook It is Telegram
To surf Hodl’s daily mix
 
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investment in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image generated: middle of the journey