According to JPMorgan strategists, the cryptocurrency's price could soar as high as 146,000 in the long term amid current economic uncertainty and geopolitical risks.
The price of Bitcoin surged over 5.0 percent on Thursday to surpass the 40,180 marks, reaching another record high to extend its daily rally.
The jump was followed by a bullish call from JPMorgan strategists, who predicted that it could reach a price as high as 146,000 in a long term. Also, big institutional investors are finding themselves in a shopping spree in order to hedge inflation and geopolitical risks.
Bitcoin surged 2.84 percent to sell for 38,535.74 dollars, extending gains recorded earlier this week. Since the beginning of 2021, the cryptocurrency jumped by more than 36 percent, while it skyrocketed over 105 percent in the past 30 days.
According to the analysts;
- Bitcoin saw some wild overnight volatility that came about after a flurry of selling activity liquidated long positions and sent its price reeling lower,
- This selloff was quite intense and caused the aggregated market to face some immense selling pressure that is showing no signs of letting up,
- One analyst explained that where the market trends next will undoubtedly depend largely on the derivatives market,
- He notes that funding rates are still quite high and may hamper the cryptocurrency’s outlook for the time being,
- As such, he is calling the crypto’s current positioning “dangerous” – despite the strength of its rebound. (Table)