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JPMorgan Chase’s strategists said that the price of Bitcoin may reach $146,000, but it will take some time.
According to Bloomberg News, Nikolaos Panigirtzoglou, a flux strategist at JPMorgan, expressed this view in a recent report. He believes that Bitcoin has a lot of room for growth in the long-term, but the convergence of volatility between Bitcoin and gold is unlikely to happen quickly, which will be a long process. This means that the theoretical Bitcoin price target of $146,000 should be regarded as a long-term target, and the short-term price target is unsustainable.
According to the report, Bitcoin must reach $146,000 to match the level of private investment in gold, which means that gold is traded through various exchange-traded funds or gold bars and coins. But the volatility of cryptocurrencies will play an important role in this process.
Panigirtzoglou mentioned, “At the beginning of the new year, Bitcoin’s valuation and position background have become more challenging. Although we do not rule out that the current speculative mania will spread further and push the Bitcoin price to between $50,000 and $100,000. Possibility, but we believe that such a price level will prove to be unsustainable.”
According to previous reports, strategists at JPMorgan Chase previously predicted that Bitcoin will damage the value of gold in the next few years, and Bitcoin is transitioning to “digital gold”.
Panigirtzoglou said at the time, “Institutional investors’ application of Bitcoin has just begun, and for gold, its adoption by institutional investors has been very high.” Therefore, institutions have shown more and more attention to Bitcoin instead of gold. The more interest, it is expected that this process will continue.