Bitcoin price predictions – the further, the more expensive

Investment bank JPMorgan has named a theoretical long-term target for the price of bitcoin.

The bank’s strategists are confident that in the future, the first cryptocurrency will gradually replace gold as a “defensive asset”.

JPMorgan analysts see the long-term target for Bitcoin at $ 146,000. This will become possible if the capital outflow from gold to cryptocurrency continues. Nevertheless, the process will be lengthy and therefore the goals will be unattainable this year, writes ttrcoin.

The current market capitalization of the first cryptocurrency of $ 575 billion is expected to grow 4.6x to match the total private sector investment in gold through ETFs, bullion and coins.

At the same time, JPMorgan sees an obstacle to the continued rapid rise in bitcoin in the short term due to the excessive volume of long speculative positions.

At the same time, the possibility of a speculative mania cannot be ruled out, which in the near future may push the rate of the first cryptocurrency to $ 50-100 thousand. However, such price levels will turn out to be unstable, noted in JPMorgan.

Previously, former chief economist at Merrill Lynch Bank and President of Rosenberg Research, David Rosenberg, said that “the largest bubble” has formed in the Bitcoin market. He called the rise in the rate of the first cryptocurrency in recent months “abnormal”, but stressed that a sharp decline should not occur as long as central bank interest rates remain at a level close to zero.

An analyst at Rekt Capital said that now a new four-year cycle begins, the lows and highs of which he tried to determine by projecting market behavior in previous similar periods. According to his forecast, Bitcoin can rise to the level of $ 150,000 – 170,000.

“Now the market is getting rid of the least optimistic investors, it can consolidate for some time, and then move on to a new stage of growth. If such a scenario is realized, it can activate the most active phase of the FOMO, which will include not only retail investors, but also the most conservatively minded large capital, ”the FxPro analyst team notes.

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