JPMorgan analysts have forecast the Bitcoin price by the end of the year.
Demand for Bitcoin continues to grow amid rising gold prices. By the end of the year, analysts at JPMorgan Chase, one of the largest US banks, predict the price of the leading cryptocurrency could reach $165,000.
Capital inflows into gold and Bitcoin exchange-traded funds ( ETFs ) continue to grow. Currently, Bitcoin is still significantly undervalued relative to gold, which banking analysts attribute to the cryptocurrency's potential to reach new record highs.
According to JPMorgan experts, a direct correlation between Bitcoin and the leading precious metal continues to exist in the short-term (30 days) and long-term (365 days). This dynamic indicates that Bitcoin is gradually establishing itself as a digital equivalent of gold, according to bank analysts.
More and more corporate investors are considering BTC as a means of preserving liquidity in the face of inflation and instability in traditional markets, JPMorgan experts explained.
They believe the main driver of BTC's further growth is increased demand from large investment funds and banks, which are already beginning to include Bitcoin in their portfolios alongside precious metals. Banking analysts believe the massive buying of Bitcoin spot ETFs is creating an additional supply shortage, which could quickly push the price of the leading cryptocurrency to $165,000 and beyond.
Earlier, Frank Cappelleri, founder of analytics firm CappThesis, said the leading cryptocurrency could reach new peaks by the end of the year as the upward rally is already gaining momentum.
Source: cryptonews.net
