Bitcoin is undergoing an adjustment, but industry observers are once again looking for a historic comeback that can boost prices to $600,000.
Over the past few days, Bitcoin has entered the cooling phase after reaching a new peak of $124,450 last week. The major ciphers were raised to $114,723 early today, then recovered slightly at press to $115,300. Despite this fix, analysts suggest that Bitcoin is being prepared for a “huge bull run.”
The pattern pointing to Bitcoin is $600,000
Bitcoin analyst AO compared the current Bitcoin chart to the 2006 gold trajectory. In particular, gold was integrated with similar wedges and rising triangular structures before exploding and recording highs. AO believes that Bitcoin reflects the same pattern and is ready for a parabolic gathering.
According to AO’s charts, Bitcoin is at a similar inflection point, with over $500,000 moving by 2026.
AO’s Bitcoin and Gold Chart
Interestingly, AO is not the only analyst who has unleashed similarities between Bitcoin and Gold’s long-term charts. Many market watchers highlight it Similar breakout patternsMost do not predict a specific target price for Bitcoin at the end of the mirroring move.
Cemented Digital Gold Status
AO is boldly proposing a $600,000 price target for Bitcoin, which should increase by 421% from its current level.
In particular, this will give Bitcoin a market capitalization of around $12 trillion, surpassing high-tech giants like Apple, Nvidia and Google, ranking right behind gold in a global rating.
In other words, such developments will further examine Bitcoin’s long-standing status as “digital gold.”
Vanneck CEO Jan Van Eck in an interview with Bloomberg on August 1st Reconfirm His belief is that Bitcoin could rival gold by winning half its market capitalization. He cited Bitcoin’s maturity and increased acceptance as a reserve asset.
Meanwhile, Mexican billionaire Ricardo Salinas Priego I believe Bitcoin will ultimately surpass the $22 trillion market capitalization of gold. Compared to Gold’s slow profits, given the rapid growth of Bitcoin at 156% in 2023 and 121% in 2024, Bitcoin claimed it was steadily overtaking gold in both value and relevance.
