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BTC $48234.21 (2.18%)
ETH $3429.41 (1.10%)
USDT $0.99 (-0.0%)
BCH $629.85 (1.59%)
BSV $157.07 (-1.1%)
LTC $181.23 (0.95%)
BNB $410.70 (1.09%)
ADA $2.36 (0.91%)
DOGE $0.24 (0.76%)

JP Morgan Adjusts Its Bitcoin Price Prediction to $130,000

JP Morgan Adjusts Its Bitcoin Price Prediction to $130,000
  • JP Morgan estimates that Bitcoin may reach $130,000 in the long-term.
  • “Bitcoin price would have to rise $130,000 to match the total private sector investment in gold” JPM said.
  • BTC can gain more professional investors now that it is less volatile.

JP Morgan (JPM) has set its new price target for Bitcoin. In a Thursday note covered by Business Insider, JPM says that Bitcoin may reach $130,000. Also, JPM thinks Bitcoin’s declining volatility makes it more reliable.

The American investment bank states that more institutional investors will be attracted to this crypto. According to JPM, expert investors will be comfortable seeking Bitcoin now that its price swings are less volatile.

In addition to that, JPM also predicts Bitcoin could reach $130,000 in the long-term if it matches the total private sector investment for gold. The banking giant further explained:

The decline in the gold price since then has mechanically reduced the estimated upside potential for bitcoin as a digital alternative to traditional gold, assuming an equalization with the portfolio weight of gold.

JPM sees a huge positive change for BTC if it continues to crowd out gold. However, it could take more years before the two assets form a union in terms of volatility. As of writing, Bitcoin is up to 102 percent year-to-date while gold is 9 percent down.

On another note, Bitcoin has also welcomed massive support from big players, including Tesla, MicroStrategy, and China’s Meitu in the past few months.

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Britney is a market analyst who covers stories about the cryptocurrency world. She holds a Business Administration Degree in Finance and aims to let the readers understand crypto from a beginner perspective.