How to help a friend who might be wanting to come out?

I have a friend who I am convinced is in the closet (bi/gay) or at least questioning.

He has had several girlfriends on and off but his everything about his personality and background (grew up dancing in musical theater) and 70 percent of his general mannerisms don't align with any straight person I know. And to be honest, the main thing for me is what I sense from his body language and what I see in his eyes.

In conversation I have sometimes made little jokes about him being gay with him (and he has done the same with me) in the last few years. He never says "but I'm not gay" or shows any denial, he just laughs it off. Occasionally he says "she's super fit" about a girl, usually a celebrity, but it feels like he's just saying it - especially in front of other straight guys.

Really I know that it's up to him to figure this out for himself and if he is gay/bi then come out if and when he chooses. The thing is, I just feel strongly that he is dying to come out and wants someone to make that process easier for him. I'm not out myself but I was thinking sometime of maybe confiding in him that I'm bi/fluid/whatever because I am sick of feeling closeted too. I just see so many parallels of myself in my friend. I'm older than him and I wish I had a friend who would have helped me come out years ago.

The difficult part is - what if I am wrong? I would make a fool of him and me.