Bitcoin price may reach $45,000 due to rise in gold price – JPMorgan
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The value of a troy ounce of gold at $2,000 is equivalent to $45,000 in bitcoin, since the two assets, as a rule, move in tandem and are considered alternatives. JPMorgan analysts came to this conclusion. This is reported by The Block.
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Experts were guided by the assumption that the first cryptocurrency has the same weight in the risk-adjusted portfolios of private investors as the main precious metal.
The voiced estimate of $45,000 is the upper limit of possible upward movement, which indicates its “limited potential.”
JPMorgan noted that the upcoming halving (an artificial process of reducing the rate of production of new coins) in April-May 2024 will lead to an increase in the price of bitcoin to $40,000.
“The cost of production has historically acted as an effective lower bound on cost,” JPMorgan strategists noted.
Register and buy crypto!Ethereum
Experts expect some “lag” in the growth of the price of Ethereum in the dynamics of the first cryptocurrency. They pointed to possible sales pressure from sellers until the middle of the year after the Shapella update, which occurred on the night of April 13, 2023.
Currently, the price of bitcoin is about $26,710, and ether is $1,825.
Let’s remind
The Ministry of Finance wrote that experts expect bitcoin to continue its growth in the near future.
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Source: Ministry of Finance
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