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The former head of the analyst team at cryptanalytics 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 says Bitcoin could rise more than 120% from its current value.
He also believes that Bitcoin's market cap will eventually reach gold's market cap in future cycles.
“If we think Bitcoin is competitive with gold, how many gold bars are there per Bitcoin at finite velocity? And this is about 10.8 kilograms. 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 A$1.2 million ($803,034 USD). So from a fair value perspective, that's where we're going. This is the road we are going to go down.
In this cycle, of course, a lot depends on where we are at the moment. A lot of people looked and went, it looks like it could be a bike top, and yes, there were a couple of things, but at the same time, when I really get to the bottom of what's going on under the surface, I think it's very, very healthy here. It feels like we're actually laying the foundation for the next step.
So honestly, I think hitting $100,000 is probably a very likely scenario. I think that reaching the amount of $250,000 is quite likely - 30% chance. So this is kind of a ballpark level. I would be very surprised if we hit the $100,000 limit. I think $150,000 happens because the size of Bitcoin is still small at that point. And another 10.8 kilograms of gold, it is also becoming more expensive.”
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