JP Morgan believes that while it’s feasible for Bitcoin to be in the $50K-100K range by 2021, it won’t be sustainable.

The leading crypto had an excellent 2020 and, for now, has also experienced an extraordinary 2021, but what does the future hold? One JP Morgan strategist believes it’s feasible that Bitcoin Future price will reach $146,000 in the long term.

JP Morgan sees a bright future for Bitcoin

Although many in the crypto community saw it coming and never lost hope, the rise in Bitcoin’s price to over $30,000 has surprised Wall Street. However, it seems that 2021 is the year when everyone becomes a Bitcoin believer.

In this case, JP Morgan was the last Wall Street giant to set a bold target for the price of Bitcoin in the long run.

According to Bloomberg, a story was published earlier this week, where JP Morgan reported the likelihood of Bitcoin reaching $146,000 in the long term, especially as it takes away from gold as an alternative currency.

Always Keep Your Feet on the Ground

However, we can’t be so naive as to believe that Bitcoin’s race to the top will be in a straight line. Crypto has shown us that there is strength in numbers.

In this regard, JP Morgan strategists led by Nikolaos Panigirtzoglou explain that while they can’t exclude the possibility that Bitcoin will continue its rally to a point between $50,000 – $100,000, „we believe that such price levels would be unsustainable,“ at least for the time being.

Therefore, Bitcoin’s future in the medium term remains a bit unclear. However, JP Morgan maintains its hope that Bitcoin will compete against gold.

Bitcoin Whales Mobilize Over 95,000 BTCs in 24 Hours

What do you have to do to achieve the goal?

According to JP Morgan, market capitalization would have to increase 4.6 times to match gold.

But, to do that, Bitcoin has goals to achieve. Specifically, it must reach a level where its price volatility is such that institutional investors feel confident about going big with crypto.

We should be aware that, for risk management purposes, a less volatile Bitcoin would probably lead to greater adoption among institutions.

„Therefore, it’s unrealistic to expect institutional investors‘ allocations to Bitcoin to coincide with those of gold without a convergence in volatilities. And it’s unlikely that a convergence in volatilities between Bitcoin and gold will occur quickly; it’s a multi-year process,“ explained JP Morgan.

It is precisely because of the above explanation that, although they see the USD 146,000 as a feasible goal, it will not happen in the short term. There’s still a lot of work to be done, but, without a doubt, Bitcoin is on its way to success.

We want to know your opinion, what do you think of JP Morgan’s predictions for Bitcoin’s price?