Bitcoin has dipped slightly this week after reaching new heights, but a strong bullish wave is spreading. According to market updates, the coin hit $124,390 before dropping to $114,158 and then rising slightly to $115,285 at the time of writing.
Based on reports from a chart analyst named AO, Bitcoin may be following a pattern similar to gold and that pattern could indicate an increase to $600,000 - a rise of about 420% from the current level.
Analyst Sees Gold Pattern
AO's outlook is based on chart shape. He compares Bitcoin's recent wedge and ascending triangle patterns with the performance of gold over the last decade. According to AO, Bitcoin consolidating around $115,000 could set the stage for a major breakout.
AO's scenario includes what he calls 'lost legs' and he posits a figure that could exceed half a million dollars by 2026 if this pattern unfolds as he expects. Reports have referenced similar geometric comparisons from other followers, though few have provided an exact price target like $600,000.
Market Cap If Target Achieved
Based on those numbers, the $600,000 price would imply a market value of around $12 trillion.
That figure would push Bitcoin past many major tech names and bring its value closer to gold than it is currently.
According to the same report, this is the idea used to demonstrate that Bitcoin is an important store of value. The math behind this notable figure is quite simple, and the scale of the move - about 420% from around $115,000 - is what makes this claim notable.
Bull Case Supported By Some Big Names
The voices of institutions further intensify the debate. Michael Saylor of Strategy, one of the most steadfast advocates of Bitcoin, continues to argue that this asset will outperform traditional value storage methods as more companies adopt it onto their balance sheets.
Cathie Wood of Ark Invest has predicted that Bitcoin could eventually reach $1 million, highlighting the increasing confidence of prominent investors.
Meanwhile, Mexican billionaire Ricardo Salinas Pliego has also expressed the view that Bitcoin could surpass gold's estimated valuation of about $22 trillion over time.
Signals That Could Change The Narrative
Not everyone views price pattern analysis as a forecast. Some analysts warn that comparing chart shapes to gold prices does not guarantee similar outcomes will occur.
This asset has buyers, liquidity, and different use cases, and to surge significantly to $600,000 may require large and long-term cash flows into Bitcoin — for example, a large institutional allocation or a permanent reserve move — rather than just a short-term spike.
Regulations, interest rates, and market shocks are other real factors that could change any plans.
