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Tuur Demeester, a prominent figure in the cryptocurrency scene, has forecasted that Bitcoin could significantly challenge gold as a reliable store of value. Speaking to his 282,000 followers on the platform X, he emphasized that Bitcoin’s market cap might eventually align with that of gold, potentially occurring by the end of the current market cycle. How Close is Bitcoin to Gold Parity? Demeester, who leads Adamant Research, pointed out that reaching gold’s market value could attract a significant number of investors. He believes Bitcoin’s target price could be as high as $300,000, stating, “Gold parity will act like a magnet,” adding that during bullish periods, targets could soar to between $800,000 and $1 million. The price level of $100,000 previously attracted attention in 2021, and he suggests that aiming for $300,000 to $400,000 is realistic. What Insights Does Peter Brandt Provide? Peter Brandt, a well-respected commodity trader, recently shared a chart showcasing a potential breakthrough in the BTC-gold ratio, which is on the verge of exceeding the 35:1 resistance seen during the 2021 bull market. He pointed out that long-term forecasts predict a value of $6,500 for gold and up to $850,000 for Bitcoin. Bitcoin’s current pricing hovers around $79,000, with a market cap of approximately $1.531 trillion. Market dynamics and investor sentiment are likely to boost Bitcoin’s appeal as a store of value. Experts anticipate significant price movements and market interest in the future. The competition between Bitcoin and gold is seen as pivotal for Bitcoin’s acceptance as a genuine store of value. With the potential for higher market valuations, growing investor interest could further entrench Bitcoin’s status within the financial landscape. Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct…

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Filed under: News - @ November 10, 2024 9:12 am