Bitcoin finally breaks above $30,000 after a lot of struggle in resistance zones. After a wonderful performance, giant investment companies are expecting big figures from the top digital currency in the future.
The financial experts have started comparing Bitcoin with traditional assets and claim the flagship digital asset could serve as a good store of value.
JP Morgan’s Bold Prediction
The analysts at JP Morgan have predicted a new bold prediction for Bitcoin for long term. According to JP Morgan’s strategists, the price could rise above $146,000 but it may take practical shape in long term.
“This implies that the above-$146,000 theoretical Bitcoin price target should be considered as a long-term target, and thus an unsustainable price target for this year.”
In November 2020, the giant US bank claimed that the top digital currency could surge ten times because its competition with gold started. The bold predictions come from JP Morgan after the injection of billions of dollars from institutional investors.
The largest crypto asset manager Grayscale has witnessed an exponential increase in assets under management. As per the latest update of Grayscale on January 4, the value of total assets under management has reached $22.8 billion.
The analysts at the Wall Street bank also explained that the value of Bitcoin may touch new high levels of $50,000 or $100,000 as a result of FOMO sentiments in the markets. But such high positions could prove “unsustainable.” According to strategists, the “speculative mania will propagate further pushing the Bitcoin price up toward the consensus region of between $50,000-$100,000.”
Due to high investment positivity around Bitcoin, a competition has started between it and gold. The investors now see more potential in the top digital currency rather than gold bullion. A few investment giants have reduced gold holdings in order to invest on Bitcoin.
Bitpay’s Prediction of $45,000
Speaking at Bloomberg Technology, Sonny Singh, the Chief Commercial Officer, claims the price value of Bitcoin could reach $45,000 within next month.
A lot of crypto experts are speculating high levels based on their own observations and viewpoints about the top digital currency. Many billionaires, such as Paul Tudor Jones, Scott Minerd, and Stan Druckenmiller, have also dived into the crypto space and have encouraged others to do so.
At press time, Bitcoin is exchanging hands at $30,871 after decrease of 6.40% over the last 24-hours. Over the weekly timeframe, the value is up 17.64%.