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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 marking recent price movements as a potential cycle peak, Check sees potential market growth. Check sees the current market condition as an underlying foundation for the next upward move.

Terming Bitcoin’s ability to reach $100,000 “probably a very likely scenario.” Check further adds that there is a 30% chance of Bitcoin hitting $250,000, highlighting the potential for substantial gains.

So honestly, getting into the $100,000s I think is probably a very likely scenario. Getting up into the $250,000s I think it’s not improbable – 30% odds. So that’s kind of the ballpark. I would be very surprised if we capped out before $100,000.

Interestingly, Check’s point of view has been authenticated by a recent analysis as reported by Crypto News Flash from the Industrial and Commercial Bank of China (ICBC), the world’s largest bank. The bank has highlighted Bitcoin’s evolving role. Despite the Chinese anti-crypto campaign, ICBC acknowledges Bitcoin’s scarcity positioning it as a favourable store of value compared to gold. 

According to the analysis, Bitcoin’s ability to overcome gold’s limitations of divisibility, authenticity verification, and portability surpasses its shortcomings of slow transaction speeds and high fees.

While the aforementioned limitations have led to Bitcoin limiting its use as a scalable currency, the ICBC stated that Bitcoin’s asset attributes have strengthened over time, with many viewing it as a safer investment during volatile economic periods.

In summary, Check and the ICBC analysis pinpoints the growing recognition of Bitcoin’s potential to rival gold as a store of value.

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