Bitcoin breaches $35,000 with JPMorgan seeing $146,000+ target for BTC

Bitcoin price has reached yet another all-time high, another for 2021 -- at $35,000 with JPMorgan estimating $146,000 in long term.

@anthony256
Published Tue, Jan 5 2021 11:14 PM CST   |   Updated Mon, Feb 1 2021 5:33 AM CST

Bitcoin has been going kinda crazy in the last few months, but it has been doing some truly lambo moves as it broke $30,000 and then $33,000 -- and now Bitcoin has even breached $35,000.

Bitcoin breaches $35,000 with JPMorgan seeing $146,000+ target for BTC 10 | TweakTown.com

But now we have JPMorgan Chase & Co throwing fuel onto the crypto fire, with strategists at JPMorgan saying that Bitcoin could skyrocket up to $146,000 in its "long-term target". At the time of writing, Bitcoin was sitting steady at around $35,330 or so.

The JPMorgan strategists explained: "A crowding out of gold as an 'alternative' currency implies big upside for Bitcoin over the long term, a convergence in volatilities between Bitcoin and gold is unlikely to happen quickly and is in our mind a multiyear process. This implies that the above-$146,000 theoretical Bitcoin price target should be considered as a long-term target, and thus an unsustainable price target for this year".

Bitcoin's market cap of $650 billion right now, with the price of BTC sitting at around $35,330 -- but if Bitcoin were to climb with JPMorgan's estimates then we're looking at a market cap of nearly $3 trillion for Bitcoin.

NEWS SOURCE:cnbc.com

Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering.

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