JPMorgan Chase strategist and Bitcoin expert Nikolaus Panigirtzoglou wrote in his latest research report to clients that weak institutional demand could cause the price of Bitcoin to fall below $30,000.
Based on Bitcoin’s volatility against gold, JP Morgan Chase analysts predict that the trading price of Bitcoin in the medium term will be between 24,000 and 36,000 US dollars. “Based on the volatility of Bitcoin and gold of approximately x4, the fair value of Bitcoin will be 1/4 of US$145,000 (or US$36,000). According to the current volatility of Bitcoin and gold of approximately x6, the fair value of Bitcoin The value will be 1/6 of US$145,000 (or US$24,000). Therefore, we expect the mid-term fair value to range from $24k to $36k.
Panigirtzoglou says JPMorgan Chase still sees a price of $145,000 As the long-term “theoretical goal” of the BTC price, “Assume that the volatility of Bitcoin in the investor’s portfolio is the same as that of gold, and the distribution of Bitcoin is equal to that of gold.”
“US$145,000 is the price of Bitcoin, which will make it equal to the current private sector holdings of approximately US$2.7tr of investment gold. There is no doubt that complete convergence or equalization of volatility or distribution will not be possible in the foreseeable future. Possible,” the strategist wrote, adding:
“The long-term signal is still problematic because it hasn’t shortened yet. The price will still fall to $26,000 before long-term momentum indicates surrender.”
Panigirtzoglou pointed out that after the major cryptocurrency crash on May 19, institutional investors seemed reluctant to buy stocks that were bought on dips. The strategist said: “The proportion of digital gold and traditional gold in the institutional investment portfolio.”JPMorgan Chase previously advised large institutional investors Dumping BTC in exchange for gold Bitcoin hit a five-month low of nearly $30,000.
On Monday, senior financial analyst and trader Peter Brandt (Peter Brandt) Question whether the price of Bitcoin might rebound in the near future.At the time of writing, Bitcoin is trading According to CoinGecko’s data, the Bitcoin price is $36,638, which has fallen by about 1% in the past 24 hours. The cryptocurrency has lost about 37% in the past 30 days, but it has risen by 286% in the past year.