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.”
At time of writing, Bitcoin is trading at $77,376 at a market cap of $1.531 trillion.
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The post $800,000 Bitcoin – Tuur Demeester Says ‘Eye Watering’ BTC Price Target in Play Based on Outperformance of Gold appeared first on The Daily Hodl.
