Analysts from banking giant JPMorgan are predicting a long-term price target for Bitcoin as the largest crypto asset competes to take the spotlight away from gold.
According to Business Insider, strategist Nikolaos Panigirtzoglou says that Bitcoin has caught the attention of investors seeking a hedge against inflation.
“The re-emergence of inflation concerns among investors during September/October 2021 appears to have renewed interest in the usage of Bitcoin as an inflation hedge… Bitcoin’s allure as an inflation hedge has perhaps been strengthened by the failure of gold to respond in recent weeks to heightened concerns over inflation.”
Assuming that Bitcoin manages to threaten to gold as an asset, Panigirtzoglou names an upside target of $146,000 in the long term.
“Considering how big the financial investment into gold is, any such crowding out of gold as an ‘alternative’ currency implies big upside for Bitcoin over the long term.”
JPMorgan analysts name $73,000 as the next main target for BTC to capture but say that a collapse below $30,000 is also entirely possible. Ultimately, the bank’s market strategists say the crypto sector is on a long-term uptrend that picked up significant steam during the Covid-19 pandemic.
“There is little doubt that cryptocurrencies and digital assets more broadly are an emerging asset class and thus on a multi-year structural uptrend…
Digital assets have emerged as a clear winner post the pandemic, with retail investors joining institutional investors such as family offices, hedge funds and real money asset managers including insurance companies in propagating the asset class.”
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