JP Morgan Strategists Believe Bitcoin Is Poised To Hit $146,000 Long-Term

Bitcoin has impressed a lot of financial analysts and experts with its remarkable performance. They are now extremely bullish on the world’s largest digital currency in terms of market cap and are very positive about the coin’s long-term performance. Particularly, the strategists at the United States multinational investment banking financial services firm JP Morgan Chase have turned out to be strong believers of the leading digital currency. JP Morgan Strategists have given a massive prediction for the flagship cryptocurrency.

A note was published by these strategists on the 4th of January where they have talked about the potentials of the leading digital asset. Led by Nikolaos Panigirtzoglou, these strategists have claimed in the note that they think the top-ranked digital currency is poised to hit $146,000 in the long-term case scenario.

They said that Bitcoin needs to crowd out continuously the so-called safe-haven precious commodity Gold if it wants to take its price value to the mark of $146,000, and the coin need to prove itself as a powerful alternative to Gold. Furthermore, they said that the competition between Gold and the primary digital currency has begun already, and this competition will continue to accelerate in the coming years.

Strategists also said that Bitcoin is not going to reach this milestone, or it will not completely outshine Gold just overnight. Rather it will take years to complete this process. They called this target of $146,000 long term. This means Bitcoin might not be able to achieve this milestone by the end of the current year, as per the view of JP Morgan Strategists. Nevertheless, they are confident about the fact that there is at least a chance that the price value of Bitcoin may reach this significant price mark in the coming years.

On the other hand, the Chief Executive Officer (CEO) of the leading digital currency exchange Binance’s United States arm Binance US, Catherine Coley, has also given a huge bullish prediction for the dominant cryptocurrency. Coley thinks that the price value of Bitcoin is expected to hit the figure of $100,000 by the end of the year 2022.

Author: MubaShar Nawaz
MubaShar Nawaz is an experienced writer working for TheForexPro.info. Having passion for writing, he covers news articles from the finance and trading world.

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