A widely followed cryptocurrency analyst and trader is leaning bullish on Bitcoin (BTC) amid the flagship digital asset’s 25% rise over the past month.
The analyst pseudonymously known as Kaleo tells his 697,200 followers on the social media platform X that the prospect of Bitcoin reaching a price of $500,000 during “this bull market is more realistic than it sounds.”
According to Kaleo, the appreciation of over 403% from the current level would come about amid a rally by gold, which Bitcoin has traditionally outperformed.
“The current total market cap for GOLD is $22.6 trillion.
My target for GOLD over the next few years is greater than $8,000 per ounce. This would put it’s market cap over $50 trillion.
Bitcoin currently has a market cap of less than $2 trillion.
Assuming it just performs in step with gold, BTC would hit $250,000. The past several bull markets, BTC has significantly outpaced gold. Assuming it does a 2x vs. gold, it would put one BTC at $500,000 and roughly a $10 trillion market cap.
I really don’t see how this is too insane for the king of the digital asset class.”
Source: CryptoKaleo/X
Bitcoin is trading at $99,450 at time of writing. Gold is changing hands at $3,362 an ounce.
The pseudonymous analyst further says that other crypto assets will also surge amid the Bitcoin rally.
“As bullish as I am on Bitcoin, I don’t see a world where BTC sending to hundreds of thousands of dollars doesn’t create speculative FOMO (Fear of Missing Out) in alternative crypto assets like we’ve never seen before.
Especially with the current regulatory landscape under the Trump administration.
It’s not a matter of if.
It’s a matter of when.”
Generated Image: Midjourney
