• JPMorgan Analysts Reveal Bitcoin’s Long-Term Price Target As BTC Competes With Gold

  • JPMorgan analysts predict a long-term price target for Bitcoin as the largest crypto asset competes to take the spotlight away from gold.

    Strategist Nikolaos Panigirtzoglou, Bitcoin has piqued the interest of investors looking for a hedge against inflation. 

    “The resurgence of inflation concerns among investors in September/October 2021 appears to have reignited interest in Bitcoin as an inflation hedge… Bitcoin’s allure as an inflation hedge may have been bolstered by gold’s failure to respond in recent weeks to increased inflationary concerns.”

    Assuming Bitcoin manages to threaten gold as an asset, Panigirtzoglou forecasts a long-term upside target of $146,000.

    “Given the size of financial investment in gold, any such crowding out of gold as a ‘alternative’ currency implies significant long-term upside for Bitcoin.”

    According to JPMorgan analysts, the next major target for BTC is $73,000, but a drop below $30,000 is also entirely possible. Finally, the bank’s market strategists believe the crypto sector is on a long-term uptrend that gained traction during the Covid-19 pandemic.

    “There is little doubt that cryptocurrencies and digital assets in general are an emerging asset class that has been on a multi-year structural uptrend…

    Following the pandemic, digital assets have emerged as a clear winner, with retail investors joining institutional investors such as family offices, hedge funds, and real money asset managers such as insurance companies in spreading the asset class.”

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