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.
Järgi Business Insider, the analysts now see their previous price prediction as “unrealistic.”
Meie eelmine prognoos, et bitcoini ja kulla volatiilsuse suhe langeb sel aastal umbes 2 korda, tundub ebareaalne. Meie bitcoini õiglane väärtus, mis põhineb umbes 4-kordsel bitcoini ja kulla volatiilsussuhtel, oleks 1/4 150,000 38,000 dollarist ehk XNUMX XNUMX dollarist.
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 JPMorgan’s clients have revealed they see the price of Bitcoin surpass the $60,000 enne selle aasta lõppu, 41% ütles, et krüptovaluuta kaupleb sellel tasemel aasta lõpuks, 9% nägi seda üle 80,000 5 dollari ja 100,000% nõuab XNUMX XNUMX dollarit.
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