JPMorgan’s analysts have made a case that bitcoin’s price could reach $146,000 as the cryptocurrency’s competition with gold heats up. Meanwhile, the firm’s global strategist sees the current bitcoin bull run as being similar to the bull run of 2017. He warns of three risks that could affect bitcoin’s outlook for 2021.
JPMorgan Sets Bitcoin’s Price Target at $146K
JPMorgan published a report Monday on bitcoin’s valuation and future outlook. “We cannot exclude the possibility that the current speculative mania will propagate further, pushing the bitcoin price up towards the consensus region of between $50k-$100k,” the analysts wrote. “We believe that such price levels would prove unsustainable.”
They explained: “Bitcoin’s competition with gold has already started in our mind as evidenced by the more than $3bn of inflows into the Grayscale Bitcoin Trust and the more than $7bn of outflows from Gold ETFs since mid-October.” The report elaborates:
The market cap of bitcoin at $575bn currently would have to