JPMorgan Renews Bitcoin Price Prediction of $146K

Shumaila  |  Nov 8, 2021

JPMorgan; the Global investment bank announces to double down on its bitcoin price prediction of $146K.

According to the bank's evaluator, the price of the cryptocurrency might heighten up to $146K provided its flexibility diminishes. This double down on bitcoin price prediction could reach that level of institutional investors who start investing in bitcoin rather than gold in their equities.

Renewed interest in the usage of Bitcoin: JPMorgan Expert

JPMorgan's introductory report released last week focuses on the interpretation for alternative investments which counts in digital assets. The new report is forecasted to be published every two to three months.

Nikolaos Panigirtzoglou; the firm's accountant shows his prediction of bitcoin's price rising and reaching $146K in the long term. The short-term price target is set at around $73,000 for the coming year of 2022.

Panigirtzoglou exclaims, "Digital resources are on a multi-year structural ascent, but the ongoing entry point dealing with an investment scope of 12 months as bitcoin appears to be unattractive."
"The reoccurrence of incremental concerns among investors during September/October 2021 took the shape of renewed interest in the usage of bitcoin as an inflation hedge." – adds the JPMorgan analyst.
Dwelling upon his "optimistic outlook" for BTC made in October, he drafted: "BTC's attraction as a rising provision has been strengthened on account of the failure of gold to respond in ongoing weeks."

BTC Volatility Tises 4 to 5 Times Higher than Gold

Owing to the increasing number of millennials investing in cryptocurrencies, Panigirtzoglou predicts bitcoin will continue to compete with gold. He comments, "Considering the vastness of financial investment into gold, an alternative currency to gold such as BTC is sure to gain big upside over the long term."

However, according to the JPMorgan analysts, a $146,000 price prediction is sure to come true provided bitcoin's volatility falls significantly. He illustrates that at present, BTC's volatility has risen four to five times higher as compared to gold. The report also highlights that the current volatility is such a snag that bitcoin's fair price is worth $35,000.

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