JP Morgan Sets Bullish Target For BITCOIN Read More To Know The Facts

JP Morgan, an American multinational investment firm, has increased its long-term price projection for bitcoin to $146,000.

JP Morgan’s inaugural edition of its new newspaper, which was launched last week, was quoted by It emphasizes the prospects for alternative investments, which include anything from real estate to private equity and digital assets.Read More About Topic JP Morgan Sets target $73,000 For BITCOIN

JP Morgan stated that if Bitcoin’s volatility decreases and more institutional investors choose Bitcoin over gold, the price of Bitcoin will reach the projected level. In the report, JP Morgan strategist Nikolaos Panigirtzoglou explained the following reasons for Bitcoin’s price prediction doubling:

Panigirtzoglou stated that while digital assets are currently on a multi-year structural ascent, entry points for a 12-month investment period appear unattractive as Bitcoin is returning to overbought territory.

Inflation fears have resurfaced, rekindling investor interest in adopting Bitcoin as an inflation hedge in September and October 2021.Read More About Topic JP Morgan Sets target $73,000 For BITCOIN

He believes that the failure of gold to respond successfully in recent weeks to the acute inflation fears has bolstered Bitcoin’s position as an inflation hedge.

As more millennials invest in Bitcoin, Panigirtzoglou believes the cryptocurrency will continue to compete with gold.

The replacement of gold as an alternative currency by Bitcoin would result in a significant and long-term boost for the cryptocurrency. Bitcoin could reach a short-term price target of $73,000 in 2022, according to him.

Read More About Topic JP Morgan Sets target $73,000 For BITCOIN
JP Morgan Sets Bullish Target For BITCOIN

Due to the current volatility, the fair price of Bitcoin is around $35,000.

A willing seller and buyer agree a fair price, which is a broad measure of an asset’s worth. It differs from market value, which refers to the price of an asset on the open market.Read More About Topic JP Morgan Sets target $73,000 For BITCOIN

Panigirtzoglou cautioned, however, that due to Bitcoin’s great unpredictability, both a rise beyond $146,000 and a drop below $30,000 are probable. He pointed out that Bitcoin’s volatility is almost four to five times that of gold at the moment.

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