The analysts, led by Nikolaos Panigirtzoglou, are asserting that the benchmark cryptocurrency—which is currently at $33k—could rise by about 4.4 times in the long-term to hold a price of $146,000. According to Bloomberg, this price would give the cryptocurrency a market valuation that matches the total private sector investment in gold ETFs or bars and coins.
The American bank made a similar price prediction in November 2020 (which we reported) when the same team of analysts asserted that BTC could rise by as much as ten times, as it became a strong contender for investors against gold.
In the latest prediction, the analysts added that investors are crowding out of gold as an ‘alternative’ currency, which points to a massive price surge in Bitcoin over the long-term. However, they noted this transfer would take several years to materialize as an asymmetry of volatiles between gold and Bitcoin cannot happen over a short period.
JPMorgan, which has had a rocky relationship with Bitcoin and cryptocurrency, predicts a long-term boom for Bitcoin with a spike in institutional investments and funds like Grayscale’s Bitcoin Trust (GBTC). The cryptocurrency investment firm has hit yet another record in assets under management, boasting a $23 billion investment basket.
Key BTC Levels to Watch — January 5
Bitcoin appears to have regained its bullish momentum after a long day of consolidation. At press time, BTC is struggling to get back above the $34,000 resistance, after which it can make another attempt at the $35,000 round figure.
That said, failure could break the $34k resistance could send the cryptocurrency sliding towards the $31,000 area again.
Meanwhile, our key resistance levels are at $34,000, $34,500, and $34,774. While our key support levels are at $33,300, $32,500 and $32,000.
Total Market Capitalization: $918 billion
Bitcoin Market Capitalization: $632 billion
Bitcoin Dominance: 68.8%
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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