By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Sign In
Web3,Blockchain & Metaverse Education Media PlatformWeb3,Blockchain & Metaverse Education Media Platform
  • Home
  • News
    • Cryptopedia
      • Blockchain News
      • Bitcoin News
      • Ethereum News
      • Altcoin News
    • Latest Metaverse & NFT News
      • Metaverse & NFT Games
      • Virtual Land
    • Exchanges News
    • Policy & Regulation
    • Web Stories
  • Press Release
    • Sponsored Article
    • Submit Press Release
  • Interviews
    • Opinion
  • Expert Alliance
    • About Expert Alliance
    • Expert Alliance Benefits
    • Experts List
    • Apply for Expert Alliance
  • Guide
    • NFT Review
    • Game Review
    • Submit NFT Project
  • Videos
  • Events
Search
  • Advertise with us
  • Media Kit
  • 365 Media Plan
  • Submit Press Release
  • Submit NFT Project
© 2022 NFTStudio24.com News Network. All Rights Reserved.
Reading: JPMorgan Doubles Down on Bitcoin Price Prediction of $146K
Share
Web3,Blockchain & Metaverse Education Media PlatformWeb3,Blockchain & Metaverse Education Media Platform
Search
  • Home
  • News
    • Cryptopedia
    • Latest Metaverse & NFT News
    • Exchanges News
    • Policy & Regulation
    • Web Stories
  • Press Release
    • Sponsored Article
    • Submit Press Release
  • Interviews
    • Opinion
  • Expert Alliance
    • About Expert Alliance
    • Expert Alliance Benefits
    • Experts List
    • Apply for Expert Alliance
  • Guide
    • NFT Review
    • Game Review
    • Submit NFT Project
  • Videos
  • Events
Have an existing account? Sign In
Follow US
  • About us
  • Advertise with us
  • Media Kit
  • 365 Media Plan
  • Submit NFT Project
  • Careers
  • Contact us
  • Privacy Policy
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
  • Global
  • Japan
  • South Asia
  • Partners
  • Community
HOME > News > CRYPTOPEDIA > BITCOIN NEWS > JPMorgan Doubles Down on Bitcoin Price Prediction of $146K
BITCOIN NEWSNews

JPMorgan Doubles Down on Bitcoin Price Prediction of $146K

NFT Studio 24
Posted NFT Studio 24 November 8, 2021 507 Views 5 Min Read
Updated 2022/02/08 at 5:02 PM
JPMorgan Doubles Down on Bitcoin Price Prediction
SHARE

Global investment bank JPMorgan has doubled down on its bitcoin price prediction of $146K. The bank’s analyst explained that the price of the cryptocurrency could reach that level if its volatility subsides and institutional investors start investing in bitcoin more than gold in their portfolios.

JPMorgan Renews $146K Bitcoin Price Prediction

JPMorgan released an inaugural report of its new publication last week focusing on the outlook for alternative investments, including digital assets. A new report is expected to be released every two to three months.

The firm’s analyst Nikolaos Panigirtzoglou has predicted that the price of bitcoin could reach $146K in the long term, with a short-term price target of $73,000 for 2022.

“Digital assets are on a multi-year structural ascent, but the current entry point looks unattractive in our opinion for an investment horizon of 12 months as bitcoin appears to have returned to overbought territory,” he explained.

The JPMorgan analyst added: “The re-emergence of inflation concerns among investors during September/October 2021 appears to have renewed interest in the usage of bitcoin as an inflation hedge.” Reiterating his “bullish outlook” for BTC made in October, he wrote:

Bitcoin’s allure as an inflation hedge has perhaps been strengthened by the failure of gold to respond in recent weeks to heightened concerns over inflation

Panigirtzoglou expects bitcoin’s competition with gold to continue, especially as more millennials invest, given their preference for cryptocurrencies. “Considering how big the financial investment into gold is, any such crowding out of gold as an ‘alternative’ currency implies big upside for bitcoin over the long term,” he detailed.

However, the JPMorgan analyst said that for the $146,000 price prediction to come true, bitcoin’s volatility would have to fall significantly, so that rules-bound investors feel comfortable adding the cryptocurrency to their portfolios.

He noted that BTC’s volatility is currently around four to five times higher than gold. The report added that the current volatility is such a problem that bitcoin’s fair price is actually around $35,000.

Nonetheless, the bank noted that bitcoin’s volatility is falling and that a price of $73,000 looks reasonable as the price target for 2022. Furthermore, Panigirtzoglou said that bitcoin is wildly unpredictable and a surge above $146,000 and a plunge to below $30,000 are both possible.

The JPMorgan analyst added, “There is little doubt that cryptocurrencies and digital assets more broadly are an emerging asset class and thus on a multi-year structural uptrend,” elaborating:

Digital assets have emerged as a clear winner post the pandemic, with retail investors joining institutional investors such as family offices, hedge funds and real money asset managers including insurance companies in propagating the asset class

This is not the first time JPMorgan has predicted that the price of bitcoin could rise to $146K. The bank first made this bold long-term price target for bitcoin back in January, citing that bitcoin competes with gold as an alternative currency. The bank explained: “The market cap of bitcoin at $575 billion currently would have to rise by x4.6 from here, implying a theoretical bitcoin price of $146K, to match the total private sector investment in gold via ETFs or bars and coins.”

JPMorgan recently explained that “the perception of bitcoin as a better inflation hedge than gold is the main reason for the current upswing, triggering a shift away from gold ETFs into bitcoin funds since September.” Moreover, institutional investors are dumping gold for bitcoin seeing it as a better inflation hedge.

Meanwhile, JPMorgan CEO Jamie Dimon has remained skeptical about bitcoin. In October, he said BTC was worthless and questioned its limited supply. He also said that bitcoin has no intrinsic value and regulators will regulate the hell out of it. In May, The JPMorgan boss personally advised people to stay away from crypto. Dimon said he does not care about bitcoin but his clients are interested. Meanwhile, the firm’s clients see crypto as an asset class that they want to invest in and the bank is now offering various crypto investments to clients.

Read More: https://news.bitcoin.com/

Sign Up For Daily NFT Drops

Don't miss the next NFT drops!!!
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article Amitabh Bachchan’s NFT Amitabh Bachchan’s NFT collection sold for Rs 7.8 crore
Next Article I Love, Hate, and Fear About NFTs What I Love, Hate, and Fear About NFTs

Don’t miss the NFT Drops! Sign up Now

I have read and agree to the terms & conditions

Latest News

Oasys and SBI VC Trade team up to bring new wallet solution for blockchain gaming in Japan
Oasys and SBI VC Trade team up to bring new wallet solution for blockchain gaming in Japan
BLOCKCHAIN NEWS EXCHANGES News WEB3 March 25, 2023
DeFi protocol DefiLlama has resolved its internal conflicts 1
DeFi protocol DefiLlama has resolved its internal conflicts
CRYPTOPEDIA News WEB3 March 21, 2023
Crypto Fear and Greed Index has reached its highest level
Crypto Fear and Greed Index has reached its highest level
BITCOIN NEWS News March 21, 2023
Join us
Ad imageAd image

You Might also Like

Oasys and SBI VC Trade team up to bring new wallet solution for blockchain gaming in Japan
BLOCKCHAIN NEWSEXCHANGESNewsWEB3

Oasys and SBI VC Trade team up to bring new wallet solution for blockchain gaming in Japan

March 25, 2023
DeFi protocol DefiLlama has resolved its internal conflicts 1
CRYPTOPEDIANewsWEB3

DeFi protocol DefiLlama has resolved its internal conflicts

March 21, 2023
Crypto Fear and Greed Index has reached its highest level
BITCOIN NEWSNews

Crypto Fear and Greed Index has reached its highest level

March 21, 2023
Project AI Powered Trading Platform Accused of Draining 1M from Users
AIBLOCKCHAIN NEWSNews

Project ‘AI-Powered’ Trading Platform Accused of Draining $1M from Users

March 20, 2023
//

NFTStudio24 delivers the latest NFT news to its global audience. We are committed to reporting mainstream and emerging talent via exclusive press releases, podcast interviews, NFT rankings, and much more.

GET IN TOUCH

  • About us
  • Advertise with us
  • Media Kit
  • 365 Media Plan
  • Submit NFT Project
  • Careers
  • Contact us
  • Privacy Policy

Experts Alliance

  • Experts Alliance
  • About Alliance
  • Alliance Benefits
  • Membership requirements
  • Apply Alliance
//

Subscribe to our newsletter to get our newest articles instantly!

I have read and agree to the terms & conditions
Web3,Blockchain & Metaverse Education Media PlatformWeb3,Blockchain & Metaverse Education Media Platform
Follow US

© 2022 NFTStudio24.com News Network. All Rights Reserved.

Removed from reading list

Undo
Join us metaverse Join us metaverse
Welcome Back!

Sign in to your account

Register Lost your password?