JPMorgan says bitcoin could reach $266,000 ‘long term’ as it looks more attractive than gold
JPMorgan analysts project Bitcoin could hit $266,000 long-term as it becomes more attractive than gold despite near-term market pressure.Summary
JPMorgan analysts, led by Nikolaos Panigirtzoglou, suggest that Bitcoin has a long-term potential price target of $266,000 because it is becoming increasingly attractive compared to gold. This projection comes despite recent market weakness, where Bitcoin fell below its estimated production cost of $87,000, driven by broader risk asset declines and a hack on a Solana DeFi platform. The analysts note that the bitcoin-to-gold volatility ratio has hit a record low of 1.5, making Bitcoin look better on a volatility-adjusted basis. The $266,000 target equates Bitcoin's market capitalization to roughly $8 trillion, the estimated private-sector investment in gold. While acknowledging this is an unrealistic target for the current year, it highlights long-term upside potential once negative sentiment reverses. The report also noted that while liquidations have been modest, spot Bitcoin and Ethereum ETFs continue to see outflows, and stablecoin supply has contracted, reflecting cautious market sentiment.
(Source：The Block)