Bitcoin (BTC) veteran Tuur Demeester says the crypto king could go much higher than many expect as he battles for store of value supremacy against gold.
Demeester tells his 282,000 followers on the social media platform agrees with the contention that Bitcoin will eventually reach the same market cap as gold, perhaps as quickly as the current market cycle.
Demeester, editor-in-chief of Bitcoin analysis agency Adamant Research, clarified that parity with gold’s market cap will act more as 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 as 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, say at $300,000-$400,000.”
Wherever the price of BTC rises, Demeester predicts that “eyes will water” from an incoming “Bitcoin fever” that will take over.
Legendary commodities trader Peter Brandt joins the conversation and shares a chart suggesting that BTC vs. Gold (BTC/XAU) just exited a channel to make a break ahead of the 35:1 resistance, where the 2021 bull market reached its peak.
“Bitcoin? vs gold? – the ultimate store of value. [The] The BTC/XAU chart suggests a target ratio of 130 to 1. So longer term projections suggest $6,500 XAU and $850,000 BTC.”
At the time of writing, Bitcoin is trading at $77,376 with a market cap of $1.531 trillion.
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