{"id":5216,"date":"2023-05-31T18:40:44","date_gmt":"2023-05-31T22:40:44","guid":{"rendered":"https:\/\/sikaoer.com\/jpmorgan-analyst-sees-a-conditional-upside-to-45000-in-bitcoin\/"},"modified":"2023-05-31T18:40:44","modified_gmt":"2023-05-31T22:40:44","slug":"jpmorgan-analyst-sees-a-conditional-upside-to-45000-in-bitcoin","status":"publish","type":"post","link":"https:\/\/sikaoer.com\/jpmorgan-analyst-sees-a-conditional-upside-to-45000-in-bitcoin\/","title":{"rendered":"JPMorgan analyst sees a \u2018conditional\u2019 upside to $45,000 in Bitcoin"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<p>    \n                    <\/div>\n<ul>\n<li>Nikolaos Panigirtzoglou says BTC should be trading at $45,000.<\/li>\n<li>His forecast is based on gold that\u2019s currently near the $2,000 level.<\/li>\n<li>Despite recent weakness, Bitcoin is up more than 60% year-to-date.<\/li>\n<\/ul>\n<p>Nikolaos Panigirtzoglou \u2013 a JPMorgan analyst remains bullish on Bitcoin even though it has taken a hit in recent weeks.<\/p>\n<h2>A gold-based forecast for BTC<\/h2>\n<p>Last week, Panigirtzoglou said BTC should be trading at about $45,000.\u00a0His forecast is hinged on gold that\u2019s currently trading near the $2,000 level. In his research note, the analyst said:<\/p>\n<blockquote>\n<p>$45,000 price for bitcoin is under the assumption that it equalizes gold in private investors\u2019 portfolio in risk capital or [volume] adjusted terms.<\/p>\n<\/blockquote>\n<p>Remember that the price of both assets are historically known to move in tandem.<\/p>\n<p>It is also noteworthy that several whales saw the recent dip in Bitcoin as an opportunity and have accumulated about $100 million worth of BTC over the past 24 hours.<\/p>\n<h2>Bitcoin supply will halve in 2024<\/h2>\n<p>It is conceivable that strength of the U.S. dollar index and uncertainty, be it related to the federal debt, the rate hikes, or on the regulatory front, could continue to weigh on Bitcoin in the short-term.<\/p>\n<p>Long-term, though, JPMorgan\u2019s Panigirtzoglou is convinced of the upside especially as bitcoin halving next year sees the cost of producing a bitcoin hit $40,000.<\/p>\n<blockquote>\n<p>Indeed, the previous halving events of 2016 and 2020 were accompanied by a bullish trajectory for bitcoin prices that had accelerated post the halving event.<\/p>\n<\/blockquote>\n<p>Despite the recent dip, Bitcoin is up more than 60% for the year at writing.<\/p>\n<div class=\"post-meta\">\n<p>                        Share this articleCategoriesTags\n                    <\/p><\/div><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/jpmorgan-analyst-bitcoin-upside-45000\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nikolaos Panigirtzoglou says BTC should be trading at $45,000. His forecast is based on gold that\u2019s currently near the $2,000 level. Despite recent weakness, Bitcoin is up more than 60% year-to-date. Nikolaos Panigirtzoglou \u2013 a JPMorgan analyst remains bullish on Bitcoin even though it has taken a hit in recent weeks. A gold-based forecast for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5217,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"class_list":["post-5216","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.6 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>JPMorgan analyst sees a \u2018conditional\u2019 upside to $45,000 in Bitcoin - Sikaoer - The Best Crypto News Site.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sikaoer.com\/jpmorgan-analyst-sees-a-conditional-upside-to-45000-in-bitcoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JPMorgan analyst sees a \u2018conditional\u2019 upside to $45,000 in Bitcoin\" \/>\n<meta property=\"og:description\" content=\"Nikolaos Panigirtzoglou says BTC should be trading at $45,000. His forecast is based on gold that\u2019s currently near the $2,000 level. Despite recent weakness, Bitcoin is up more than 60% year-to-date. Nikolaos Panigirtzoglou \u2013 a JPMorgan analyst remains bullish on Bitcoin even though it has taken a hit in recent weeks. 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