The crypto analytics firm Glassnode’s former leader of the analyst team, James Check, is making a bold prediction about Bitcoin (
BTC
), suggesting that it will reach six figures in the current cycle.

During a recent interview on the Blue Collar Bitcoin YouTube channel, Check shared his belief that Bitcoin could surge by over 120% from its current value. He also envisions Bitcoin’s market cap surpassing that of gold in future cycles.

Check explained his reasoning behind this forecast, stating, “If we view Bitcoin as a competitor to gold, how many gold bars would equal one Bitcoin at peak velocity? The answer is around 10.8 kilograms. So, what would be the price target for Bitcoin? Well, it would be at least 10.8 kilograms of gold, which translates to approximately $1.2 million Australian dollars ($803,034 USD). This is the fair value target we are aiming for.”

Despite some speculating that the current cycle may have reached its peak, Check remains optimistic, suggesting that the foundation is being laid for the next significant move. He believes that reaching the $100,000 range is highly probable, with a chance of hitting $250,000 as well.

Bitcoin is currently priced at $68,076, showing a slight increase in the last 24 hours. Investors are advised to conduct thorough research before engaging in high-risk investments involving Bitcoin or other cryptocurrencies. The Daily Hodl does not provide investment advice and urges caution when trading digital assets.