Long Term Target in Bitcoin is 146 Thousand Dollars

Long Term Target in Bitcoin is 146 Thousand Dollars

“Considering gold as an alternative currency implies that Bitcoin has a serious upward potential in the long run.”

According to the news compiled by Bloomberg; The JPMorgan strategists led by Nikolaos Panigirtzoglou pointed out that Bitcoin, which is competing with gold as an investment tool, has significant profit potential, and stated that the long-term target of the leading cryptocurrency, which broke one record after another, is 146 thousand dollars. Strategists in the related note, stated that in order to meet the total private sector investment of Bitcoin in ETFs or gold bullion and coins, the market value should increase 4.6 times from today's $ 575 billion, in this case a theoretical price of 146 thousand dollars emerged.   -Bicoin's Volatility Should Approach Gold's Volatility The note stated that for this outlook to attract more institutional investment, Bitcoin's volatility must approach the volatility of gold, and this process may take time.   -BTC Continues to Trade Above $ 34K Bitcoin, which broke one record after another in 2020 and entered 2021 with a record, exceeded 34 thousand dollars in weekend transactions. On Monday, it lost 17 percent, the steepest drop since March. This decline of Bitcoin, which has quadrupled in value compared to last year, reminded of its turbulent past. Scott Minerd and Stan Druckenmiller from Paul Tudor Jones announced that they can invest in Bitcoin, especially in recent months, with the support of institutional investors. In general, investors are divided into two. Some say that in an environment where financial and monetary incentives are abundant due to the pandemic, cryptocurrencies allow hedging against the weakness of the dollar and the risk of inflation; some argue that trend-following quant funds inflate an unsustainable bubble. Bitcoin, which is the focus of the controversy, continues to be traded at over $ 34,000 as of now.      

Source: Bloomberg