Bitcoin may reach $ 145,000, as JPMorgan’s analyst supposes
JPMorgan’s analyst Nikolaos Panigirtzoglou in the latest research note to clients suggested that Bitcoin will soon fall to $ 24,000. But in the long term, the rate will go up and may reach $145,000.
He believes that after the fall of the cryptocurrency market in May, we should expect a deepening correction of Bitcoin and the entire market with it.
Institutional investor interest in Bitcoin has now weakened due to the high degree of price fluctuations. This could cause the fall of Bitcoin’s exchange rate to $ 24,000 – $ 36,000, the strategist predicts.
Since his calculations are based on the current ratio of bitcoin to gold volatility, he considers this price of Bitcoin to be “fair” in the medium term.
On the other hand, according to a JPMorgan’s analyst, Bitcoin may reach a “theoretical” mark of $ 145,000 in the future, given the convergence of the volatility of Bitcoin and gold.
There is one more thing that can significantly increase the chances of Bitcoin for multiple growth. According to him, it is necessary that the ratio of gold and BTC in the portfolio of investors was approximately at the same level.
Bitcoin’s price of $ 145,000 would equalize its capitalization with investor investment in gold. But to reach that price Bitcoin will have to drop to $ 24,000.