Banking giant JPMorgan stated that due to the rising trend of the gold price, Bitcoin (BTC) could also reach $ 45 thousand.
The volatility of global markets affects risky assets and gold. The economic situation and functioning in the USA allows assets to be relocated. While the accelerated rise in the gold price draws attention, it is said that this situation will also reflect on the crypto side.
JPMorgan, one of the largest banking companies, thinks that the bullish wave on the gold side will also reflect on the crypto side. JPMorgan pointed to $45,000 for Bitcoin.
JPMorgan Confident About Bitcoin!
Banking giant JPMorgan thinks that the price of Bitcoin (BTC) will rise and reach the level of 45 thousand dollars.
The bank’s strategists attribute the strong momentum on the gold side of the Bitcoin bullish forecast. Also, strategists say Ethereum will outperform Bitcoin.
The price strategy of JPMorgan analysts refers to the current price of gold, which is about $2,000 an ounce. Strategists, who think that the two assets will act together, point to the level of 45 thousand dollars.
Statements from the bank’s strategists include the following:
With the price of gold rising above $2,000, the value of gold held for investment purposes outside of central banks is now about $3 trillion. This translates to a price of $45,000 for bitcoin, under the assumption that bitcoin equates to gold at private investors.
In addition, the bank set the 45 thousand level in Bitcoin as the upper limit. Other reasons other than gold include mining or production costs.
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