Analysts have prepared a report stating that Bitcoin will at least double in value. In addition, the coin has never been as high as it is today.
The investment bank JPMorgan brings regular reports. They do this for all kinds of cryptos, among other things. They are now doubling their previous prediction to a Bitcoin price of $146K. The bank’s analyst explained that the digital currency’s price could reach that level if its volatility decreases. And institutional investors are going to invest more in Bitcoin than gold.
Bitcoin value will double
JPMorgan released a report last week. Focused on the prospects for alternative investments, including digital assets. A new report is expected every two to three months.
The company’s analyst Nikolaos Panigirtzoglou has predicted that the price of Bitcoin (BTC) could reach $146K in the long run. With a short-term price target of $73,000 for 2022. “Digital assets are on a multi-year structural increase, but the current entry point looks unappealing to us for a 12-month investment horizon,” he explained.
Record
The JPMorgan analyst added: “The resurgence of inflation concerns among investors in September/October 2021 appears to have renewed interest in using Bitcoin as an inflation hedge.” He reiterated his “bullish outlook” for BTC made in October: Bitcoin’s appeal as an inflation hedge may have been strengthened by gold’s failure to respond to heightened inflation concerns in recent weeks.
And we see that immediately in the course. The coin has touched $68k for the first time ever. The total market cap of all digital coins is approaching the whopping $3 trillion!
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