According to the recent detailed price forecast by JPMorgan analysts, Bitcoin’s long-term target has been renewed. If the volatility of the leading cryptocurrency drops and institutional investors prefer BTC over gold, the new target could be $146,000.
Analysts led by Nikolaos Panigirtzoglou describe Bitcoin as a “scarce product” that increasingly competes with gold for investors to choose as a hedge against inflation.
While the inflation rate that has risen recently in the USA is at the highest level of the last 13 years, the situation is generally the same all over the world. Stating that gold is no longer sufficient to cope with inflation, officials argue that this situation increases the interest in Bitcoin. According to Panigirtzoglou, it has the potential to be preferred as an important alternative to Bitcoin for investors.
“Bitcoin Investor Feels Safe If Volatility Drops Sharply!”
Seeing $ 146 thousand seems possible for Bitcoin in the long term, but its realization depends on the sharp decrease in BTC’s volatility.
However, according to analysts, the volatility of BTC is 4 to 5 times that of gold. This constitutes an important obstacle to a sustainable price increase. Because, according to analysts, BTC’s reputation has already taken a serious hit among institutional investors, as it fell below $ 30 thousand after seeing $ 64 thousand.
On the other hand, JPMorgan analysts, who say that the actual value of Bitcoin should be 35 thousand dollars according to its current course, also states that if volatility decreases, the short-term target may be around 73,000 dollars. In the opposite case, falling below $30,000 is among the possible targets for Bitcoin.
*Not Investment Advice.