Bitcoin (BTC) Price Prediction: OG Advocate Makes a Bold Forecast, See the 6-Figure Target

An OG Bitcoin advocate made a bold forecast that demand for Bitcoin will increase rapidly in the near future, bolstering the estimates of some crypto experts

A veteran Bitcoin advocate made an optimistic prediction, suggesting that demand for Bitcoin will surge rapidly in the upcoming months. This forecast aligns with some crypto experts' estimations, suggesting that BTC is poised to reach the six-figure mark.

OG, short for “original gangster” or “original gangsta,” is a slang term used to describe someone who is exceptional, unique, or “old-school.” In this context, it refers to someone who has been involved in the Bitcoin community for a long time.

The BTC supporter also hinted that the coin is on a trajectory to outshine major assets like gold, the US dollar, and more.

Rising Past Gold, Greenback

ShapeShift CEO Erik Voorhees, who was an early investor in Bitcoin, predicts that the cryptocurrency will outpace major assets in the coming months. Voorhees suggests that BTC has a “high chance” of outshining fundamental assets like gold, the US dollar, and even oil.

In a post, Voorhees highlights that when demand for gold increases, so does gold production. Similarly, if demand for oil rises, more oil is extracted. He adds that as demand for US dollars soars, more greenbacks are printed, emphasizing that the supply for these assets will not be depleted in the upcoming years.

However, the founder of the Venice.AI project suggests that this scenario differs when it comes to Bitcoin. When demand for BTC increases, it signifies that additional BTC cannot be produced. This is because Satoshi Nakamoto, the creator of Bitcoin, designed the cryptocurrency to have a finite supply, not exceeding 21 million coins.

Bitcoin-Gold Correlation

Previously, another Bitcoiner, Max Keiser, suggested a correlation between the price of gold and Bitcoin, speculating that BTC price could soar “on the back of gold.”

Keiser explained that for every $1 increase in gold prices, BTC prices also experienced an increase of $20. He added that since gold prices hit a record high, Bitcoin prices are also likely to follow suit.

Expecting A Bitcoin Surge

Voorhees urges the cryptocurrency community to keep an eye on Bitcoin as he anticipates all aspects of the coin, including its price, to move upward.

The ShapeShift executive suggests that this attribute of Bitcoin will be the key factor driving a rapid surge in demand for the coin.

Over the past few days, several crypto experts have projected the inevitable growth of Bitcoin, predicting that its price will cross the six-figure threshold.

19 Million BTC Mined

Data reveals that over 19 million BTC are currently circulating in the crypto market, the highest it has ever been.

According to analysts, many of these coins have been stashed away in “cold wallets” for several years. It is also reported that a portion of these BTCs are owned by Bitcoin ETFs.

A Chinese cryptocurrency journalist estimates that over 5% of all Bitcoins in the market are held by Bitcoin ETFs, with an approximate net value of $72.545 billion.

Featured image from Pexels, chart from TradingView