Bitcoin will make history at $340K if BTC beats last cycle's 2100% gains
Main Idea
Bitcoin reaching $340,000 this cycle is considered a significant challenge, but BTC has already outperformed major asset classes over the past five years, with potential to become the world's second most valuable asset by market cap.
Key Points
1. Bitcoin would need to gain 2,100% from its 2022 bear market low to reach $340,000, a feat described as a 'very big ask' by macro trader Jason Pizzino.
2. A $340,000 BTC price would give it a $6.7 trillion market cap, placing it second only to gold ($23T) among global assets.
3. Bitcoin has already delivered a 58.2% compound annual growth rate (CAGR) over the past five years, outperforming major assets like QQQ (16.28%), SPY (13.68%), and gold (10.49%).
4. Pizzino notes a growing correlation between Bitcoin and the 18-year real estate cycle, suggesting a potential alignment in their market behaviors.
5. Despite recent volatility against gold (BTC/XAU dropped 40% before rebounding), Bitcoin's long-term returns remain unmatched among macro assets.
Description
Bitcoin getting to $340,000 this cycle is a "very big ask," but over the past five years, BTC has already won the macro asset returns game, research shows.
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