Just a few days back JP Morgan announced that they are noticing decreased volatility of Bitcoin. This is also the reason that institutions are taking notice and buying more of it. This announcement came when the price of Bitcoin was stuck between the $59k and $60k mark for an entire day. And now adding to what they said earlier, the firm released a new price target for Bitcoin. The previous target was $146,000 and now it has been decreased down to $130,000.
Bitcoin new price target by JP Morgan
The new price target of Bitcoin comes amidst the time when more companies are accepting it as a payment method. It is also filed by the fact that in its lifetime Bitcoin is the least volatile now. And that makes it a much better investment. Earlier there were people who feared investing in the curreny due to the huge swings. But now, that could change as the price could rise more subtly or fall in the same manner.
The reason for this new price target is the kind of investment gold is getting. According to JP Morgan, the price increase of Bitcoin could be to combat the private investment in gold. Therefore, this shows that the firm believes Bitcoin to be a suitable replacement for gold. And as more companies and firms invest in the cryptocurreny we could see even higher price targets. A report suggests that the BTC price could increase drastically if the SEC approves an ETF for the same. Because this is what happened with Gold when an ETF was introduced back in the mid-2000s.
What are your thoughts on the new price target set by JP Morgan? And do you think we are getting there by the end of this year? Let us know in the comments below. Also, if you found our content informative do like it and share it with your friends.