The strategists at JPMorgan Chase believe that the current adoption and investment rate that Bitcoin has can potentially drive the coin’s price to a consensus high levels of ,000-0,000.Analysts from American multinational investment bank and financial services company JPMorgan Chase & Co (NYSE: JPM) have given an ambitious price forecast for Bitcoin (BTC) but the target is billed for the long term. Per a Bloomberg report, the analysts, led by Nikolaos Panigirtzoglou said that the fact that Bitcoin is in direct competition with Gold as an asset class creates the possibility for the cryptocurrency’s price to grow to 6,000 in the longer term.With Bitcoin current market capitalization pegged at 0 billion at the time of writing according to CoinMarketCap, the premier digital
Topics:
<title> considers the following as important:
This could be interesting, too:
Bitcoin Schweiz News writes Das ist das Crypto Builders Gathering in St. Moritz: Der Treffpunkt für die Zukunft der Krypto-Technologien
Wayne Jones writes Bad News for Crypto? Elizabeth Warren to Succeed Sherrod Brown on House Banking Committee
Martin Young writes Ethereum’s Modular Strategy: Short-Term Pain, Long-Term Gain, Says Research
Dimitar Dzhondzhorov writes 4 Reasons Why Bitcoin’s (BTC) Price Might See a Short-Term Correction
The strategists at JPMorgan Chase believe that the current adoption and investment rate that Bitcoin has can potentially drive the coin’s price to a consensus high levels of $50,000-$100,000.
Analysts from American multinational investment bank and financial services company JPMorgan Chase & Co (NYSE: JPM) have given an ambitious price forecast for Bitcoin (BTC) but the target is billed for the long term. Per a Bloomberg report, the analysts, led by Nikolaos Panigirtzoglou said that the fact that Bitcoin is in direct competition with Gold as an asset class creates the possibility for the cryptocurrency’s price to grow to $146,000 in the longer term.
With Bitcoin current market capitalization pegged at $590 billion at the time of writing according to CoinMarketCap, the premier digital currency will have to grow its market cap by about 4.6 times before it can achieve the projected price target of $146,000 according to the estimate from the strategists. They noted that the attainment of this figure is dependent on the convergence of Bitcoin’s volatility to meet that of Gold, a process they noted will take some time.
“A crowding out of gold as an ‘alternative’ currency implies big upside for Bitcoin over the long term,” the strategists wrote Monday. However, “a convergence in volatilities between Bitcoin and gold is unlikely to happen quickly and is in our mind a multiyear process. This implies that the above-$146,000 theoretical Bitcoin price target should be considered as a long-term target, and thus an unsustainable price target for this year.”
The price-performance of Bitcoin particularly in the last quarter of 2020 and into the early days of 2021 has fueled continuous price projections from analysts and Bitcoin proponents, but most of these are driven by the institutional adoption sentiments and not based on real analyzed data. The volatility of Bitcoin pushed the coin to its worse close in months on Monday when it closed down 17%, but the coin is currently back on its wild surge with a 4.95% surge in the past 24 hours.
JPMorgan Speaks on the Sustainability of the Current Bitcoin Price
The strategists from JPMorgan Chase & Co believe that the current adoption and investment rate that Bitcoin is experiencing can potentially drive the coin’s price to a consensus high prices of $50,000 to $100,000, but the question is whether this price level has the necessary backing onto sustainability. They wrote:
“The valuation and position backdrop has become a lot more challenging for Bitcoin at the beginning of the New Year. While we cannot exclude the possibility that the current speculative mania will propagate further pushing the Bitcoin price up toward the consensus region of between $50,000-$100,000, we believe that such price levels would prove unsustainable.”
Each Bitcoin according to CoinMarketCap is currently worth about $31,900 at the time of writing and this price is featured by the kind of volatility that can either drive the price upward or downward in the next couple of hours. While time will tell if the forecasts from firms like JPMorgan Chase will be attained, many BTC proponents are unrelenting in their drive to help push BTC to new heights with the buying pressures.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.