Summary
- JPMorgan said Bitcoin is undervalued relative to gold and presented a target price of $170,000.
- JPMorgan's strategist said market leverage has returned to normal ranges, reducing short-term crash risk.
- JPMorgan has previously said Bitcoin is perceived as an alternative asset similar to gold, and evaluated the possibility of absorbing part of the gold market over the long term.
JPMorgan said Bitcoin (BTC) is undervalued relative to gold and set a target price of $170,000.
On the 6th (local time), according to crypto asset (cryptocurrency) specialist media CryptoBriefing, Nikolaos Panigirtzoglou, a JPMorgan strategist, analyzed that "Bitcoin remains at a lower level compared with gold's private investment value on a volatility-adjusted basis."
He said, "Current market leverage has returned to normal ranges, easing overheating and speculative risks," and added, "With short-term crash risk reduced, for Bitcoin to equal the private holding asset value of gold, it would have to reach $170,000, about a 66% increase from current levels."
In a report last month, JPMorgan also evaluated that "Bitcoin is being perceived as an alternative asset similar to gold and could, over the long term, absorb part of the gold market."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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