The global banking and investment giant JPMorgan, in its long-term forecast for the price of Bitcoin, has stated that this digital currency could reach $ 146,000 by becoming an alternative to gold and increasing its popularity.
To Report “Des Bitcoin, Nikolaos Panigirtzoglou, Senior Jeep Morgan strategist, said about Bitcoin:
Increasing public attention to bitcoin and the fact that this digital currency is an alternative to gold will play a key role in increasing the price of bitcoin in the long run. The $ 575 billion market value of bitcoin (at the time of this comment) is likely to increase 4.6 times. In this case, the price of Bitcoin on paper would be $ 146,000 to match the total private investment in gold through exchange-traded funds, bullion or gold coins.
However, analysts believe that in order for large-scale investors and investment institutions to enter the Bitcoin market, Bitcoin price fluctuations must be reduced. In another part of his analysis, Jeep Morgan describes the convergence of gold and bitcoin fluctuations as a “multi-year” trend, adding that reaching $ 146,000 is a long-term goal.
The price of bitcoin rose by more than 300 percent to $ 29,000 in 2020. As the New Year approached, we saw the jump of Bitcoin again. The jump has now pushed the price of bitcoin to more than $ 35,000. Bitcoin prices have risen 160 percent in the last three months alone. Analysts cite the entry of institutional investors into the bitcoin market as one of the factors behind the jump.
Although many Bitcoin fans believe that the uptrend in the market will continue, Jeep Morgan, referring to “crazy speculations” in the market, says that reaching $ 50,000 and $ 100,000 in the short term may be unstable.