JPMorgan analysts point to a signal of Bitcoin rising to $45K

JPMorgan analysts point to a signal of Bitcoin rising to $45K

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Author: Robert Strickland (crypto-journalist)
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JPMorgan analysts point to a signal of Bitcoin rising to $45K
Analysts at JPMorgan have pointed to a signal that Bitcoin will rise to $45,000.
Ethereum, according to bank experts, will lag behind the first cryptocurrency in growth

According to analysts at JPMorgan, the rate of Bitcoin should rise to $45,000, writes the Block. This is indicated by the current price of gold at almost $2 thousand per ounce, because, according to analysts, these two assets, as a rule, are moving in tandem and are seen by investors as an alternative to each other.

JPMorgan said the value of gold held by investors outside central banks is currently estimated at about $3 trillion at a price above $2,000 per troy ounce. In turn, this implies a bitcoin price of about $45 thousand, provided that bitcoin is equal to gold in portfolios of private investors, wrote strategists at JPMorgan.

Analysts consider $45,000 as the upper limit for the price of BTC, indicating the limited potential of the asset, if we do not take into account halving (halving the income of miners) and the increase in costs for mining the asset.

Upcoming halving in 2024 will automatically double Bitcoin's mining costs to around $40,000, JPMorgan noted, a mark that has historically served as a lower bound for the asset's price.

Regarding Ethereum, JPMorgan notes that altcoin may experience some pressure from sellers and in the short term will yield to bitcoin in growth.

As of 17:30 NY time on May 26, bitcoin is trading at $26,600, according to CoinGecko, it has risen by 1.4% during the day. The Ethereum exchange rate is at $1.82k, up 1.7% in 24 hours.

 

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