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The former leader of the analyst team at crypto analytics firm Glassnode predicts that Bitcoin (BTC) will hit six figures this cycle.
In a new interview on the Blue Collar Bitcoin YouTube channel, James Check says that Bitcoin could rise more than 120% from its current value.
He also believes that Bitcoin’s market cap will ultimately hit gold’s market cap 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’s about 10.8 kilograms. So what’s the price target for [Bitcoin]? Well, it’s at least 10.8 kilograms of gold and if you work out that math, it’s like $1.2 million Australian dollars ($803,034 USD). So in terms of fair value, that’s where we’re headed. That’s the road that we’re going to go.
Now, in this cycle it very much depends, of course, where we are at the moment. There’s a lot of people who’ve looked and gone it looks like it could be a cycle top and yeah, there’s been a couple of things but at the same time when I really unpick what’s going on under the surface I think it’s very, very healthy up here. It feels like we’re actually pouring a foundation for the next move.
So honestly, getting into the $100,000s I think is probably a very likely scenario. Getting up into the $250,000s I think it’s not improbable – 30% odds. So that’s kind of the ballpark. I would be very surprised if we capped out before $100,000. I think $150,000 happens because the size of Bitcoin at that point in time is still insignificant. And the other thing is 10.8 kilograms of gold, gold’s going up as well.”
Bitcoin is trading for $68,076 at time of writing, up slightly in the last 24 hours.
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