While Bitcoin undergoes a correction, industry observers are again calling for a historic comeback that could push its price toward $600,000.
Over the past few days, Bitcoin entered a cooling phase after hitting a new peak of $124,450 last week. The leading crypto retraced to $114,723 earlier today before recovering slightly to $115,300 at press time. Despite this correction, analysts suggest that Bitcoin is setting up for a “huge bull run.”
The Pattern Pointing to Bitcoin $600K
Bitcoin analyst AO compared the current Bitcoin chart to gold’s trajectory from 2006. Particularly, Gold consolidated in a similar wedge and ascending triangle structure before exploding to record highs. AO believes Bitcoin is mirroring that same pattern and is primed for a parabolic rally.
The analysis highlights that Bitcoin’s consolidation around $115,000 could serve as the launchpad for a monumental breakout. AO’s chart points to a surge toward $600,000 if Bitcoin fully mirrors gold’s historical pattern.
The chart shows that Bitcoin has followed a similar trajectory to gold since 2019, and the potential completion of the “missing legs” suggests a path to $600K. Gold had its breakout in 2024, and its pattern has shown an explosive uptrend since then.
According to AO’s chart, Bitcoin is at a similar inflection point, with a move above half a million dollars materializing by 2026.
Interestingly, AO is not the only analyst who has drawn parallels between Bitcoin and gold’s long-term charts. Numerous market watchers have highlighted similar breakout patterns, though most have not projected a specific target price for Bitcoin at the end of the mirroring move.
Digital Gold Status to Be Cemented
AO has boldly suggested a $600,000 price target for Bitcoin, which would require a 421% increase from current levels.
Notably, this would give Bitcoin a market capitalization of approximately $12 trillion, surpassing tech giants like Apple, Nvidia, and Google, and ranking just behind gold in global valuation.
In other words, such a development would further validate Bitcoin’s long-touted status as “digital gold.”
In an August 1 Bloomberg interview, VanEck CEO Jan van Eck reaffirmed his belief that Bitcoin could rival gold by capturing half of its market cap. He cited Bitcoin’s maturation and growing acceptance as a reserve asset.
Meanwhile, Mexican billionaire Ricardo Salinas Pliego believes Bitcoin will eventually surpass gold’s $22 trillion market cap. Given Bitcoin’s rapid growth of 156% in 2023 and 121% in 2024, compared to gold’s slower gains, Salinas argued that Bitcoin is steadily overtaking gold in both value and relevance.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
