Bitcoin „Insane Volatility“: JP Morgan Bets Crazy BTC Between $ 50,000 and $ 146,000
Overzealous at JP Morgan? – More or less fanciful price predictions have always marked the tumultuous history of Bitcoin (BTC). Today, however, it is the very serious JP Morgan Chase & Co., one of the largest banks in the world, which sees the BTC largely exceed 100,000 dollars.
When Bitcoin competes with gold as a safe haven
Investment strategists mega-bank JP Morgan shared their analysis on the current craze for Bitcoin with the newspaper Bloomberg .
The opinion of the experts led by Nikolaos Panigirtzoglou is final. The king of cryptos has the potential to compete directly with gold as an asset class.
Bitcoin could thus become a recognized store of value , just like the precious metal. Even if the stabilization of the price of bitcoin would be necessary first, in a „process of several years“ , according to the experts, this would have the consequence of exploding the price of BTC:
“(…) The theoretical target of $ 146,000 for the price of bitcoin should be viewed as a long-term target, and therefore an untenable price target for this year. “
The term „not tenable“ (unsustainable) is noteworthy because it implies that JPMorgan teams do not exclude that the BTC can do this year 2021, an upward wick at these price levels, also unpublished that sky-high. This would still require an increase of more than 350% from the current price.
A price of BTC oscillating between 50,000 and 100,000 dollars in 2021?
Beware, however, of excessive optimism ! JP Morgan analysts warn that the very sharp rise in prices in recent weeks could lead to a „breathing“ (including a „correction“ ):
“The [current] valuation and the context of [too many long] positions make this start of the new year perilous for Bitcoin. “
So while speculation could push BTC to a “price consensus between $ 50,000 and $ 100,000” , this latter price point could also prove too ambitious to hold for now.