Bitcoin managed to penetrate the mainstream media big time in 2020 after hitting new ATHs.
Now, Bloomberg dropped another piece on the king coin. Bitcoin reportedly has the potential to hit $146k, according to JPMorgan.
Bloomberg noted that Bitcoin’s market capitalization of around $575 billion would have to rise by 4.6 times (in order to reach $146,000), strategists led by Nikolaos Panigirtzoglou wrote in a note.
The outlook depends on the BTC volatility
They also noted that this outlook depends on the volatility of Bitcoin converging with that of gold to encourage more institutional investment, a process that will take some time, they said.
“A crowding out of gold as an ‘alternative’ currency implies big upside for Bitcoin over the long term,” the strategists wrote just the other day.
However, “a convergence in volatilities between Bitcoin and gold is unlikely to happen quickly and is in our mind a multiyear process. This implies that the above-$146,000 theoretical Bitcoin price target should be considered as a long-term target, and thus an unsustainable price target for this year.”
We suggest that you check out the complete article that Bloomberg posted in order to learn more details.
At the moment of writing this article, BTC is trading in the green, and the coin is priced at $31,736.45.
Bullish Bitcoin predictions pop up
Mike Novogratz said that the current scenery would be pushing the price of BTC as high as $150k in 2022.
“There’s scores of insurance companies. They’re all going to come. We’ve got a couple of big asset managers only. One guy bought $600 million yesterday. I was talking to him. He’s like, ‘Well how far are we ahead or behind?’ I was like, ‘You’re on first base in the first inning,” he said.
He continued and said: “So we’re going to see these movements in these institutional buckets over the next couple years. I think $50,000 this year may be easy and $100,000 or $150,000 the next. That’s just as the money moves in.”