Analysts at JPMorgan Chase have lowered their long-term bitcoin price target of $150,000 to $38,000 after the price of the flagship cryptocurrency dropped from a $67,000 all-time high to a $34,000 low before recovering.
The analysts had predicted BTC’s price would come close to the $150,000 in the long run if the cryptocurrency’s volatility dropped and institutional investors moved toward bitcoin over gold. At the time the analysts led by Nikolaos Panigirtzoglou revealed they see bitcoin as a scarce product that is increasingly competing with gold for investors’ preference as a hedge against inflation.
Ifølge Business Insider, the analysts now see their previous price prediction as “unrealistic.”
Vores tidligere fremskrivning om, at volatiliteten mellem bitcoin og guld vil falde til omkring 2x senere i år, virker urealistisk. Vores dagsværdi for bitcoin baseret på et volatilitetsforhold mellem bitcoin og guld på omkring 4x ville være 1/4 af $150,000 eller $38,000.
JPMorgan’s prediction at the time saw “little doubt” that bitcoin will keep on competing with gold, especially as millennials become more powerful in the investing universe. Per the analysts, taking into account how “big the financial investment into gold is,” any such “crowding out of gold as an ‘alternative’ currency implies big upside for bitcoin.”
At the time, the analysts noted that to hit $150,000 BTC’s volatility would have to fall sharply. The flagship cryptocurrency’s recent drop from a new high to a $34,000 low before recovering seemingly threw cold water on that hypothesis, which could see institutional investors move away from crypto.
Per the analysts, one of the cryptocurrency’s biggest challenges going forward involves its volatility and the “boom and bust cycles that hinder further institutional adoption.” The analysts added that in the ongoing sell-off they have not yet observed signs of capitulation.
As reported, most of JPMorgans kunder har afsløret, at de ser prisen på Bitcoin overstige $60,000 inden udgangen af dette år, hvor 41% siger, at kryptovalutaen vil handle på det niveau ved årets udgang, 9% ser den over $80,000 og 5% kræver $100,000.
DISCLAIMER
De synspunkter og meninger, der er udtrykt af forfatteren eller enhver, der er nævnt i denne artikel, er kun til informationsformål, og de udgør ikke økonomisk, investering eller anden rådgivning. Investering i eller handel med kryptoaktiver medfører en risiko for økonomisk tab.
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