Given the recent rise past the $2k per ounce milestone in gold prices compared with its similar value trends for bitcoin,JPMorgan's experts predict a potential boost up until $45000 for bitcoin.
They contend that both assets serve as options for investing money and tend to move together.
A note from the JPMorgan team led by Nikolaos Panigirtzoglou cited by “The Block” suggests that if Bitcoin's value converges with gold in private investor portfolios with regard to risk and volume then its price would be estimated at $45k based on the current figures showing that investors presently hold approximately $3tn worth of gold for investment use outside central banks.
As per JPMorgan's strategists explanation historic Bitcoin production costs have put a floor on its price over the years and previous halving events provided momentum for price hikes.
JPMorgan expects that after the halving in 2024 that there will be a bitcoin gain of about twenty five percent in one year.
JPMorgan has predicted that Ether will continue to face significant selling pressure especially after mid-year following the upgrades carried out in Shanghai.
In the duration mentioned by the bank it is predicted that Ethereum will exhibit a slight deficiency compared to Bitcoin.
Even after these predictions, JPMorgan is still guarded regarding digital assets. Factors such as regulatory crackdowns in the U.S, disruptions to crypto banking networks and fallout from FTX, Crypto's exchange could hinder a potential gains.
Posted Using LeoFinance Alpha