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Bitcoin Price sags Again, It's JPMorgan's Projection Until The End of the Year

Bitcoin Price sags Again, It's JPMorgan's Projection Until The End of the Year - Briefly stable at US $ 38,000 since Sunday (30/1), the price of Bitcoin immediately fell sharply to the level of US $ 36,000 on Monday (31/1). This is JPMorgan's projection until the end of the year.
Bitcoin Price sags Again, It's JPMorgan's Projection Until The End of the Year

Referring to CoinMarketCap data on Monday (31/1) at 12:30 pm, the price of Bitcoin was at US $ 36,927.74 or down 3.41% in the last 24 hours.

JPMorgan streamlined its long-term price predictions for Bitcoin after the price of the world's largest cryptocurrency in terms of market cap lost 50% in the past two months.

JpMorgan has drastically cut its long-term price target for Bitcoin. According to them, btc's volatile boom-or-bust nature will hinder widespread adoption by blue-chip investors.

"Our previous projection that Bitcoin's volatility ratio to gold would drop to about twice by the end of this year seems unrealistic," JPMorgan said.

"Our fair market value for BTC based on Bitcoin's volatility ratio to gold of about four times would be a quarter of $150,000, or $38,000," JPMorgan said.

"The biggest challenge for Bitcoin going forward is its volatility and the boom and bust cycle that hinders further institutional adoption," JPMorgan said.

Back in November last year, when Bitcoin touched a high of $69,000, JPMorgan analyst Nikolaos Panigirtzoglou predicted, BTC would reach $150,000 by the end of 2022 as investors sought a hedge against inflation.

"Bitcoin's appeal as an inflation hedge may have been reinforced by gold's failure to respond in recent weeks, raising concerns over inflation," JPMorgan said.

Now, JPMorgan said, Bitcoin may see a further decline because it has not shown any signs of a correction that is currently over.