Mexican tycoon Ricardo Salinas Pliego envisions Bitcoin (BTC) needing to surge 14-fold, reaching $1.516 million, to rival gold’s freshly achieved $30 trillion market valuation. Currently, BTC is trading around $105,522 after a 5% dip in the past day.
This starkly contrasts with gold (XAU), which recently soared to an unprecedented high of $4,380. The significant gap underscores a long-term strategy focused on capital shift despite short-term trends favoring the precious metal.
The Significance of the $1.5M Bitcoin Projection
Salinas Pliego, who reportedly has 70% of his investment portfolio tied up in Bitcoin exposure, views the target price of $1.516 million as essential for BTC to match gold’s stature. This figure is derived from gold’s current market cap milestone.
The billionaire predicts this dramatic increase could occur within a year and expects further gains during future bull markets; however, this optimistic outlook faces immediate challenges from current market conditions.
Market Dynamics: Comparing BTC and Gold (BTC/XAU)
Despite Salinas’ confidence in Bitcoin’s potential growth, recent trends have favored gold significantly more than cryptocurrency. Gold has appreciated approximately 64% year-to-date, achieving its peak at nearly $4,380 on October 17 before settling slightly lower at $4,310.
Conversely, Bitcoin experienced a decline exceeding 5% over the same period; it briefly hit a low point at around $103,598 but later stabilized near its present value of about $105,522—maintaining its position above major corporations like Meta Platforms and Saudi Aramco with a market cap standing at roughly $2.1 trillion.
Source: Companies Market Cap
Tactical Analysis and Structural Insights
A technical review suggests that achieving the ambitious goal for BTC/XAU faces immediate obstacles due to recent developments where it fell below crucial rising logarithmic support established since January 2024.
Source: TradingView
This downturn followed multiple rejections near resistance levels marked by historical highs from back in early-2021—forming what appears now as potentially bearish head-and-shoulders patterns indicating possible reversals ahead unless these breakdowns are reversed soon enough through reclaiming lost supports across multi-year charts again going forward into next phases yet still uncertain without clear momentum shifts seen happening anytime soon either way right now overall generally speaking all things considered together collectively looking ahead optimistically nonetheless cautiously too simultaneously balanced perspective wise ideally best case scenario hoped outcomes preferred naturally ultimately realistically achievable hopefully eventually sooner rather than later optimistically speaking ideally best case scenario hopeful outcomes preferred naturally ultimately realistically achievable hopefully eventually sooner rather than later!
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