Market Cap Competition with Gold
James Check, a former analyst at Glassnode, predicts that Bitcoin (BTC) will reach six figures during this market cycle. He believes that BTC’s market cap could eventually match that of gold.
Price Targets
Check estimates that BTC’s fair value is around $1.2 million Australian dollars ($803,034 USD), based on its potential to compete with gold.
Current Market Outlook
Despite recent market volatility, Check remains optimistic about Bitcoin’s future. He believes that the current price action is laying the foundation for a significant rally.
Specific Predictions
Check predicts that BTC is likely to reach the $100,000 range in this cycle. He also gives a 30% chance of it reaching $250,000.
Conclusion
Check emphasizes that BTC’s market cap is still relatively small compared to gold. As Bitcoin continues to gain adoption, he believes its price will continue to rise.
