The post Bitcoin Analyst Predicts Six-Figure Prices for Bitcoin appeared on BitcoinEthereumNews.com.

James Check has predicted that Bitcoin could surge by 120% from its current price exceeding $100,000 in the current bull cycle. Despite high fees and slow transactions limiting its scale of usability, Bitcoin’s unique features position it as a favorable store of value and a strong contender to replace gold. James Check, former leader of the analyst team at Glassnode, has shared a very bullish outlook for Bitcoin (BTC) with the analyst predicting a six-figure price in the current cycle.   In a recent interview, James Check stated that BTC could surge by 120% from its current price.  Currently trading at $67,060.23, a 1.13% surge in the last 24 hours, James predicts that the BTC price will soar reaching well into the $100,000 range. Check’s bullish outlook is grounded on a comparative analysis of gold, as a traditional store of value. James argues if Bitcoin is to be a solid contender to gold as a store of value, BTC’s market value should be equatable to that of gold.  If we believe that Bitcoin is competitive with gold, how many gold bars are there per Bitcoin at terminal velocity? And it’s about 10.8 kilograms. So what’s the price target for [Bitcoin]? Well, it’s at least 10.8 kilograms of gold and if you work out that math, it’s like $1.2 million Australian dollars ($803,034 USD). So in terms of fair value, that’s where we’re headed. James’ frame of reference aligns with what investors and financial institutions have dubbed BTC as “Digital Gold”. Additionally, BTC’s scarcity, due to the existence of only 21 million coins corresponds to Gold’s finite availability as the world’s supply of Gold will eventually run out positioning Bitcoin as a practical store of value. In addition, Check draws focus to the current market condition stating that despite some market analysts…

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Filed under: News - @ June 15, 2024 3:26 am