JPMorgan’s $146,000 Bitcoin Price Scenario


Bitcoin price is expected to take advantage of the money outflow from the gold market, says JPMorgan. One of the world’s leading investment banks mentioned in a note that the long-term price target of Bitcoin stands at around $146,000.

JPMorgan strategist Nikolaos Panigirtzoglou wrote in a note that the Bitcoin price would be able to get benefits of money outflows from gold-related investment products. Panigirtzoglou mentioned that the recent rally in BTC made it more challenging for analysts to value the cryptocurrency asset.

The strategist outlined the competition between Bitcoin and Gold as an alternative currency and noted that BTC needs to jump at least 400% to reach the price target of $146,000. He mentioned that it’ll be a huge task for BTC to match the total private sector investment in gold-related investment products via exchange-traded funds or bars and coins.

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“Crowding out of gold as an ‘alternative’ currency implies a big upside for Bitcoin over the long term. However, convergence in volatilities between Bitcoin and gold is unlikely to happen quickly and is in our mind a multiyear process. This implies that the above-$146,000 theoretical Bitcoin price target should be considered as a long-term target, and thus an unsustainable price target for this year,” Panigirtzoglou mentioned in the note.

Bitcoin Price Valuation

The recent price volatility in Bitcoin has made it difficult for anyone to predict the next move of the world’s largest cryptocurrency. BTC price breached $30,000 earlier this week and reached an all-time high of $34,000. Yesterday, the price experienced a correction when BTC crashed to $28,000. However, the price jumped later and as of writing, BTC is hovering around $31,000.

“The valuation and position backdrop has become a lot more challenging for Bitcoin at the beginning of the New Year. While we cannot exclude the possibility that the current speculative mania will propagate further pushing the Bitcoin price up toward the consensus region of between $50,000-$100,000, we believe that such price levels would prove unsustainable,” the note states.

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