The post $800,000 Bitcoin – Tuur Demeester Says ‘Eye Watering’ BTC Price Target in Play Based on Outperformance of Gold appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) veteran Tuur Demeester says that the crypto king could be headed much higher than many anticipate as it battles for store-of-value supremacy against gold. Demeester tells his 282,000 followers on the social media platform X that he agrees with the thesis that Bitcoin will eventually reach the same market capitalization as gold, perhaps as soon as the current market cycle. Demeester, editor-in-chief of the Bitcoin analysis firm Adamant Research, clarifies that parity with gold’s market cap will act as more of a “magnet” for investors, with a target near $300,000 being the likely final income. “To be clear: I believe the magnet will be gold parity. In other words, investors will consider ~$800,000 – $1 million to be the main Bitcoin price target during the bull market. Just like $100,000 was the magnet for the 2021 bull market. Aim for the stars, land on the moon—e.g. on $300,000-$400,000.” Wherever BTC’s price tops out, Demeester predicts that “eyes will water” from an incoming “Bitcoin fever” that will take over. Joining the conversation, legendary commodities trader Peter Brandt shares a chart suggesting that BTC versus gold (BTC/XAU) has just exited a channel to make a break for the 35:1 resistance, which is where the 2021 bull market topped out. “Bitcoin? vs. Gold? – the ultimate store of value. [The] BTC/XAU chart suggests a target of a 130 to 1 ratio. So long horizon projections suggest $6,500 XAU & $850,000 BTC.” Source: Peter Brandt/X At time of writing, Bitcoin is trading at $77,376 at a market cap of $1.531 trillion. Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X, Facebook and Telegram Surf The Daily Hodl Mix &nbsp Disclaimer: Opinions expressed at The Daily Hodl are not investment…

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Filed under: News - @ November 10, 2024 8:05 am