Bitcoin price at USD 146,000 possible, says JP Morgan
JP Morgan believes that although it is feasible for Bitcoin to be in the range of USD 50K – 100K by 2021, it will not be sustainable.
Did you like the content? Share it
Click to share on Twitter (opens in a new window)Click to share on Facebook (opens in a new window)Click to share on LinkedIn (opens in a new window)Click to share on WhatsApp (opens in a new window)Click to share on Telegram (opens in a new window)Click to share on Skype (opens in a new window)
The leading crypto had an excellent 2020 and so far has also experienced an extraordinary 2021, but what does the future hold? One JP Morgan strategist believes that the price of Bitcoin could reach USD 146,000 in the long term.
JP Morgan sees a bright future for Bitcoin
Although many in the crypto community saw it coming and never lost hope, the rise in the price of Bitcoin to over USD 30,000 has surprised Wall Street. However, it seems that 2021 is the year when everyone becomes a Bitcoin believer.
In this case, JP Morgan was the last Wall Street giant to set a bold target for the price of Bitcoin in the long term.
Why we recommend Bitcoin Prime
The team agreed to recommend Bitcoin Prime to all users after studying the different features closely. Bitcoin Prime works excellently; it is one of the most talked about automated crypto trading platforms on the market. Here are the reasons why we think everyone should start trading with Bitcoin Prime;
According to Bloomberg, a note was published earlier this week, where JP Morgan reported the likelihood of Bitcoin reaching USD 146,000 in the long term, especially as it takes away from gold as an alternative currency.
Always Keep Your Feet on the Ground
However, we can’t be so naive as to believe that Bitcoin’s race to the top will be in a straight line. Crypto has shown us that there is strength in numbers.
In this respect, JP Morgan’s strategists led by Nikolaos Panigirtzoglou explain that although they can’t exclude the possibility of Bitcoin continuing its rally to a point between $50,000 – $100,000, „we believe that such price levels would be unsustainable,“ at least for the time being.
Therefore, Bitcoin’s medium term future remains a little unclear. However, JP Morgan maintains its hope that Bitcoin will compete against gold.
Bitcoin whales mobilise over 95,000 BTCs in 24 hours
What do you have to do to achieve the goal?
According to JP Morgan, market capitalisation would have to increase 4.6 times to match gold.
But to do that, Bitcoin has goals to achieve. Specifically, it must reach a level where its price volatility is such that institutional investors have the confidence to go big with crypto.
We must be aware that, for risk management purposes, a less volatile Bitcoin would probably lead to greater adoption among institutions.
„It is therefore unrealistic to expect institutional investors‘ allocations to Bitcoin to coincide with those of gold without a convergence in volatilities. And a convergence in volatilities between Bitcoin and gold is unlikely to occur quickly, it’s a multi-year process,“ explained JP Morgan.
It is precisely because of the above explanation that, although they see the USD 146,000 as a feasible target, it will not happen in the short term. There is still a lot of work to be done, but Bitcoin is certainly on track for success.
We want to know your opinion, what do you think of JP Morgan’s predictions for Bitcoin’s price?