Sunday, March 7, 2021
Only Bitcoin Market News
Advertisement
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • investors
  • Technical
  • Crash
  • spam
  • stock
  • Blockchain
  • Videos
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • investors
  • Technical
  • Crash
  • spam
  • stock
  • Blockchain
  • Videos
Only Bitcoin Market News
No Result
View All Result

Bitcoin above $51,000 is unsustainable unless volatility subsides, says JPMorgan

2 weeks ago
in Private
2 min read
Bitcoin above $51,000 is unsustainable unless volatility subsides, says JPMorgan
Share on FacebookShare on Twitter


Bitcoin 1

Francesco Carta fotografo/ Getty Images

  • Bitcoin’s current price above $51,000 is “unsustainable” unless volatility subsides, JPMorgan said in a note. 
  • Strategists estimate a large portion of recent flows into the token have been driven by speculation. 
  • If the token’s volatility converges to that of gold, bitcoin could reach $146,000, they added.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Bitcoin’s current price is “unsustainable” unless the cryptocurrency’s volatility dies down, according to JPMorgan.

The cryptocurrency flew to new heights above $52,800 on Friday morning, bringing its year-to-date gains to more than 80% as the breakneck rally powers ahead. Just one year ago, bitcoin traded around $10,000.

The cryptocurrency has achieved the fastest-ever price appreciation of any “must-have asset” to which it is often compared, like Gold in the 1970’s and internet stocks in the 1990’s, noted JPMorgan. But the rally has left wary investors reminded of the mania in 2017 that ended in a steep drop. 

Strategists led by Nikolaos Panigirtzoglou wrote in Tuesday note that unless bitcoin’s price swings subside “quickly from here,” the current rally could end in disappointment. 

The strategists estimate that $11 billion of institutional money has flown into bitcoin since the end of September, but they say  a large portion of that has been dominated by “speculative investors seeking to front run other more real-money institutional investors.”

Despite the firm’s short-term caution, JPMorgan sees bitcoin’s price growing significantly higher in the long run.

If bitcoin’s volatility converges to that of gold, JPMorgan has a “theoretical price target” of $146,000. However the strategists said this convergence would be a “multi-year process” and would also depend on bitcoin ownership tilting more institutional and less retail over the coming years.

“For the bitcoin market cap to match the total private sector investment in gold via ETFs or bars and coins, we estimate that mechanically bitcoin prices would need to rise to $146k,” JPMorgan added. 



Read more:Bitcoin above $51,000 is unsustainable unless volatility subsides, says JPMorgan

Related articles

India May Allow Experiments In Crypto Instead Of Ban, Says FM Sitharaman

India May Allow Experiments In Crypto Instead Of Ban, Says FM Sitharaman

March 7, 2021
Africa in the news: Ethiopia, Nigeria, and internet control updates

Africa in the news: Ethiopia, Nigeria, and internet control updates

March 6, 2021
Tags: Bitcoinbitcoin news todayJPMorganSubsidesunsustainableVolatility

Related Posts

India May Allow Experiments In Crypto Instead Of Ban, Says FM Sitharaman

India May Allow Experiments In Crypto Instead Of Ban, Says FM Sitharaman

by Bitcoin Market
March 7, 2021
0

Finance Minister Nirmala Sitharaman said that the government is holding talks with the Reserve Bank of India and will...

Africa in the news: Ethiopia, Nigeria, and internet control updates

Africa in the news: Ethiopia, Nigeria, and internet control updates

by Bitcoin Market
March 6, 2021
0

Investigations into the deteriorating situation in Ethiopia continue On Thursday, March 4, United Nations High Commissioner for Human Rights...

HWI And Hardware Wallet Integration In Bitcoin Core

HWI And Hardware Wallet Integration In Bitcoin Core

by Bitcoin Market
March 6, 2021
0

SpotifyYoutubeGoogleAppleOvercastLibsynIn this episode of "The Van Wirdum Sjorsnado," hosts Aaron van Wirdum and Sjors Provoost discussed hardware wallet integration...

Bitcoin Group SE with strong start into 2021- Integration of Bitcoin Deutschland AG

UK’s Prince Philip transferred back to private hospital, Buckingham Palace says

by Bitcoin Market
March 5, 2021
0

UK's Prince Philip transferred back to private hospital, Buckingham Palace says Yahoo Finance Read more:UK's Prince Philip transferred...

Ex-Prudential Securities CEO: Bitcoin ‘Attractive Part of Almost Any Portfolio’ –

Ex-Prudential Securities CEO: Bitcoin ‘Attractive Part of Almost Any Portfolio’ –

by Bitcoin Market
March 5, 2021
0

In brief George Ball sees some risks coming from the Fed stimulus. Cash and Bitcoin could help hedge those...

Load More

Trend Now

  • Trending
  • Comments
  • Latest
Crypto-Powered Social Media Platform Voice Planning Launch for July 4 | CryptoGlobe

Crypto-Powered Social Media Platform Voice Planning Launch for July 4 | CryptoGlobe

June 8, 2020
Argo Blockchain boosts mining margins in July

Argo Blockchain boosts mining margins in July

August 5, 2020
J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

May 19, 2020
5 Cryptocurrency Staking Providers – A Review | Hacker Noon

5 Cryptocurrency Staking Providers – A Review | Hacker Noon

January 30, 2021
North America’s first bitcoin ETF launches in Canada today

North America’s first bitcoin ETF launches in Canada today

February 18, 2021
Institutional investors see Bitcoin holding US$50,000 suggests ETP provider

Institutional investors see Bitcoin holding US$50,000 suggests ETP provider

February 18, 2021
Suze Orman: Why ‘I love bitcoin’

Suze Orman: Why ‘I love bitcoin’

0
Bitcoin daily chart alert – Bullish chart pattern develops – May 19

Bitcoin daily chart alert – Bullish chart pattern develops – May 19

0
Calvin Ayre Invests in True Reviews: A New Take on Consumer Review Sites Built on the

Calvin Ayre Invests in True Reviews: A New Take on Consumer Review Sites Built on the

0
J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

0
Crypto.com’s MCO Visa Cards Are Now Shipping In Europe – Fintech Singapore

Crypto.com’s MCO Visa Cards Are Now Shipping In Europe – Fintech Singapore

0
Elon Musk tried to explain Bitcoin to JK Rowling on Twitter and this happened

Elon Musk tried to explain Bitcoin to JK Rowling on Twitter and this happened

0
Suze Orman: Why ‘I love bitcoin’

Suze Orman: Why ‘I love bitcoin’

March 7, 2021
India May Allow Experiments In Crypto Instead Of Ban, Says FM Sitharaman

India May Allow Experiments In Crypto Instead Of Ban, Says FM Sitharaman

March 7, 2021
JPMorgan Sends Its Private Clients a Primer on Crypto

JPMorgan Sends Its Private Clients a Primer on Crypto

March 7, 2021
Contango And Over Collateralization

Contango And Over Collateralization

March 7, 2021
Suze Vs. Janet On Bitcoin

Suze Vs. Janet On Bitcoin

March 7, 2021
Operation Hidden Treasure Is Here. If You Have Unreported Crypto, Get Legal Advice

Operation Hidden Treasure Is Here. If You Have Unreported Crypto, Get Legal Advice

March 7, 2021
  • Contact Us
  • Terms of Use
  • Cookie Privacy Policy
  • Privacy Policy
  • DMCA

© 2020 MarketForBitcoin.com

No Result
View All Result
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • investors
  • Technical
  • Crash
  • spam
  • stock
  • Blockchain
  • Videos

© 2020 MarketForBitcoin.com

  • bitcoinBitcoin(BTC)$49,721.001.29%
  • bitcoin-cashBitcoin Cash(BCH)$510.551.28%
  • binance-coinBinance Coin(BNB)$228.86-0.23%
  • bitcoin-goldBitcoin Gold(BTG)$28.861.14%
  • bitcoin-privateBitcoin Private(BTCP)$0.34510.24%
  • blocktixBlocktix(TIX)$0.0140.00%