The ex-leader of the analytical team at the cryptocurrency analytics company Glassnode is forecasting that Bitcoin (
BTC
) will reach six figures in this market cycle. In an exclusive interview on the Blue Collar Bitcoin YouTube channel, James Check predicts that Bitcoin could surge by over 120% from its current price. He also envisions that Bitcoin’s market capitalization will eventually match that of gold in future cycles.

Check explains, “If we consider Bitcoin as a rival to gold, how many gold bars are equivalent to one Bitcoin at its peak? The answer is roughly 10.8 kilograms. So, what is the price target for Bitcoin? Well, it’s at least 10.8 kilograms of gold, which translates to around $1.2 million Australian dollars ($803,034 USD). That’s the fair value we are aiming for. That’s the direction we are heading towards.”

Regarding the current market cycle, Check emphasizes the importance of the current situation. He believes that despite some concerns of a potential market peak, the underlying conditions are robust. He sees it as laying the groundwork for the next significant movement. Check states, “Reaching the $100,000 range is highly probable in my opinion. Surpassing $250,000 is not out of the question – with a 30% chance. I would be quite surprised if we hit a ceiling before $100,000. The possibility of reaching $150,000 is high because Bitcoin’s market size at that point is still relatively small. Additionally, considering the equivalence to 10.8 kilograms of gold, as gold prices rise, Bitcoin’s value will also increase.”

At the time of writing, Bitcoin is priced at $68,076, showing a slight increase in the last 24 hours. Stay updated by subscribing to get email notifications directly to your inbox and follow us on X, Facebook, and Telegram for the latest price movements.

Please note that the opinions expressed in this article are not financial advice. Investors are advised to conduct their own research before engaging in high-risk investments involving Bitcoin, cryptocurrencies, or digital assets. All transactions and trades are done at your own risk, and any resulting losses are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets and is not a financial advisor. Additionally, The Daily Hodl may participate in affiliate marketing.