On-chain analyst James Check says Bitcoin could still rise 120% from its current levels. He also believes that Bitcoin’s market cap will reach gold levels in the future. This would put a Bitcoin price of $803,034 on the books.

Bitcoin to $803,034

That rate sounds quite unrealistic at the moment (and it is). At the time of writing, Bitcoin is clocking in at approximately $67,000 and the digital currency is miles away from the market value of gold.

However, James Check sees music in it. “If we believe Bitcoin is competitive with gold. How many gold bars are there per Bitcoin? That is approximately 10.8 kilograms. So what is the price target for Bitcoin? So that is at least 10.8 kilograms of gold, which brings you to 803,034 US dollars,” said the analyst.

As for this bull market, Check thinks the party is not over for Bitcoin. “When I look under the hood, it looks very, very healthy at the moment,” he continues.

He claims that we are now laying the foundation for Bitcoin’s next upward price movement.

Bitcoin is now laying the foundation

James Check therefore thinks that Bitcoin is now laying the foundation for the continuation of the cycle. “So honestly, I think reaching $100,000 or more is a very likely scenario. Reaching a Bitcoin price of $250,000 or more is also not unlikely.

I would put the chances at 30% for that. So that is within the possible reach of Bitcoin. I would be very surprised if we stop before the price of 100,000 dollars. I think it will be $150,000, because the total size of Bitcoin at that point is not yet significant on a global scale.

Then you also have the 10.8 kilograms of gold and the gold price is not standing still,” says a very optimistic James Check.

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Source: https://newsbit.nl/on-chain-analist-voorspelt-bitcoin-koers-van-803-034/

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