{"id":535161,"date":"2023-05-26T16:20:03","date_gmt":"2023-05-26T16:20:03","guid":{"rendered":"https:\/\/ktsl888.com\/?p=535161"},"modified":"2024-06-11T08:31:11","modified_gmt":"2024-06-11T08:31:11","slug":"jpmorgan-predicts-bitcoin-btc-to-revisit-45000-heres-why","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/jpmorgan-predicts-bitcoin-btc-to-revisit-45000-heres-why\/","title":{"rendered":"JPMorgan Predicts Bitcoin (BTC) To Revisit $45,000, Here’s Why"},"content":{"rendered":"

In a recent note, JPMorgan strategists have made a prediction<\/a>, suggesting that Bitcoin (BTC) could soar and revisit its former trading price of $45,000 due to the rising price of gold. This prediction comes amid Bitcoin’s price action of a blend of bulls and bears in the past week.<\/span><\/p>\n

Meanwhile, over the past 24 hours, BTC has seen a 2.1% gain with a current trading price above $26,000. The current surge comes after Bitcoin previously fall that dropped its price below its previously ranging market price of $28,000.<\/p>\n

Bitcoin And Gold: A Correlation<\/span><\/h2>\n

Bitcoin and gold have often been regarded as alternative investments by investors, and their prices have displayed a tendency to move in tandem. <\/span><\/p>\n

Given this, JPMorgan analysts note that the current gold price, hovering near $2,000 per ounce, implies a Bitcoin price<\/a> of $45,000. This assumption is based on the idea that BTC will reach a similar standing as gold in the portfolios of private investors.<\/span><\/p>\n

Related Reading: Bitcoin Price Struggles To Recover and Remains Vulnerable To Fresh Decline<\/a><\/div>\n

JP Morgan wrote in a note:<\/p>\n

With the gold price rising above $2,000, the value of gold held for investment purposes outside central banks is currently valued at around [$3 trillion]. In turn, this implies a $45,000 price for bitcoin under the assumption that bitcoin equalizes gold in private investors’ portfolios in risk capital or [volume]-adjusted terms.<\/span><\/p><\/blockquote>\n

One key factor contributing to JPMorgan’s optimistic prediction is the upcoming Bitcoin<\/a> halving event, scheduled to take place between April and May 2024. The halving mechanism reduces the rate at which new Bitcoins are produced, effectively doubling the production cost. <\/span><\/p>\n

The JPMorgan strategists believe this event will push Bitcoin’s production cost to approximately $40,000, acting as a lower bound and potentially driving the price upward.<\/span><\/p>\n

Drawing from historical data, JPMorgan highlights the bullish trajectory observed during previous halving events in 2016 and 2020. These events were accompanied by significant surges in Bitcoin prices, indicating the potential for a similar outcome following the next halving. <\/span><\/p>\n

As a result, JPMorgan sets an upper limit of $45,000 for BTC, indicating limited potential beyond the increase driven by the doubling of production costs.<\/span><\/p>\n

Reflecting On Ethereum (ETH)<\/h2>\n

While Bitcoin takes the spotlight in JPMorgan’s prediction, the bank suggests that Ethereum (ETH) may face some selling pressure in the near term, extending beyond the Shanghai upgrade until mid-year. JPMorgan expects Ethereum to “somewhat underperform” BTC during this period. <\/span><\/p>\n

However, it’s essential to note that Ethereum’s performance is subject to a range of factors, including market dynamics and technological developments.<\/span><\/p>\n

Related Reading: The Best Decision Is To \u2018Buy Bitcoin (BTC),\u2019 Robert Kiyosaki Urges<\/a><\/div>\n

Meanwhile, regardless of JPMorgan’s prediction, BTC is currently in a bullish trend recording an uptick. Over the past 24 hours, Bitcoin has seen more than a 2% gain, while the past seven days have seen a dip of 1.2%.<\/span><\/p>\n

\"Bitcoin
Bitcoin (BTC)\u2019s price moving sideways on the 4-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

At the time of writing, the top crypto<\/a> currently trades at $26,823<\/a>. Bitcoin\u2019s trading volume has, however, ranged around $20 billion in the past 7 days, indicating a possible accumulation. Bitcoin currently has a trading volume of $13.1 billion in the past 24 hours.<\/p>\n

Featured image from Shutterstock, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

In a recent note, JPMorgan strategists have made a prediction, suggesting that Bitcoin (BTC) could soar and revisit its former trading price of $45,000 due to the rising price of gold. This prediction comes amid Bitcoin’s price action of a blend of bulls and bears in the past week. Meanwhile, over the past 24 hours, BTC has seen a 2.1% gain with a current trading price above $26,000. The current surge comes after Bitcoin previously fall that dropped its price below its previously ranging market price of $28,000. Bitcoin And Gold: A Correlation Bitcoin and gold have often been regarded as alternative investments by investors, and their prices have displayed a tendency to move in tandem. Given this, JPMorgan analysts note that the current gold price, hovering near $2,000 per ounce, implies a Bitcoin price of $45,000. This assumption is based on the idea that BTC will reach a similar standing as gold in the portfolios of private investors. Related Reading: Bitcoin Price Struggles To Recover and Remains Vulnerable To Fresh Decline JP Morgan wrote in a note: With the gold price rising above $2,000, the value of gold held for investment purposes outside central banks is currently valued at around [$3 trillion]. In turn, this implies a $45,000 price for bitcoin under the assumption that bitcoin equalizes gold in private investors’ portfolios in risk capital or [volume]-adjusted terms. One key factor contributing to JPMorgan’s optimistic prediction is the upcoming Bitcoin halving event, scheduled to take place between April and May 2024. The halving mechanism reduces the rate at which new Bitcoins are produced, effectively doubling the production cost. The JPMorgan strategists believe this event will push Bitcoin’s production cost to approximately $40,000, acting as a lower bound and potentially driving the price upward. Drawing from historical data, JPMorgan highlights the bullish trajectory observed during previous halving events in 2016 and 2020. These events were accompanied by significant surges in Bitcoin prices, indicating the potential for a similar outcome following the next halving. As a result, JPMorgan sets an upper limit of $45,000 for BTC, indicating limited potential beyond the increase driven by the doubling of production costs. Reflecting On Ethereum (ETH) While Bitcoin takes the spotlight in JPMorgan’s prediction, the bank suggests that Ethereum (ETH) may face some selling pressure in the near term, extending beyond the Shanghai upgrade until mid-year. JPMorgan expects Ethereum to “somewhat underperform” BTC during this period. However, it’s essential to note that Ethereum’s performance is subject to a range of factors, including market dynamics and technological developments. Related Reading: The Best Decision Is To \u2018Buy Bitcoin (BTC),\u2019 Robert Kiyosaki Urges Meanwhile, regardless of JPMorgan’s prediction, BTC is currently in a bullish trend recording an uptick. Over the past 24 hours, Bitcoin has seen more than a 2% gain, while the past seven days have seen a dip of 1.2%. At the time of writing, the top crypto currently trades at $26,823. Bitcoin\u2019s trading volume has, however, ranged around $20 billion in the past 7 days, indicating a possible accumulation. Bitcoin currently has a trading volume of $13.1 billion in the past 24 hours. Featured image from Shutterstock, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":517328,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1119,1144,78790,2627],"class_list":["post-535161","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt","tag-jp-morgan"],"acf":[],"yoast_head":"\nJPMorgan Predicts Bitcoin (BTC) To Revisit $45,000 - Here's Why<\/title>\n<meta name=\"description\" content=\"In a recent note, JPMorgan strategists have made a prediction, suggesting that Bitcoin (BTC) could soar and revisit its former trading...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ktsl888.com\/news\/jpmorgan-predicts-bitcoin-btc-to-revisit-45000-heres-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JPMorgan Predicts Bitcoin (BTC) To Revisit $45,000 - 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HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/ktsl888.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"JPMorgan Predicts Bitcoin (BTC) To Revisit $45,000, Here’s Why","url":"http:\/\/ktsl888.com\/news\/jpmorgan-predicts-bitcoin-btc-to-revisit-45000-heres-why\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/jpmorgan-predicts-bitcoin-btc-to-revisit-45000-heres-why\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/01\/Bitcoin-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/01\/Bitcoin-1.jpg?fit=350%2C250"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btc","btcusd","btcusdt","jp morgan"],"dateCreated":"2023-05-26T16:20:03Z","datePublished":"2023-05-26T16:20:03Z","dateModified":"2024-06-11T08:31:11Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"JPMorgan Predicts Bitcoin (BTC) To Revisit $45,000, Here’s Why\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/jpmorgan-predicts-bitcoin-btc-to-revisit-45000-heres-why\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/jpmorgan-predicts-bitcoin-btc-to-revisit-45000-heres-why\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/Bitcoin-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/Bitcoin-1.jpg?fit=350%2C250\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btc\",\"btcusd\",\"btcusdt\",\"jp morgan\"],\"dateCreated\":\"2023-05-26T16:20:03Z\",\"datePublished\":\"2023-05-26T16:20:03Z\",\"dateModified\":\"2024-06-11T08:31:11Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/01\/Bitcoin-1.jpg?fit=350%2C250","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/535161"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=535161"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/535161\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/517328"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=535161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=535161"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=535161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}