TokenInsight news, JPMorgan Chase, a leading global venture capital bank, doubled its bitcoin price forecast from October to $146,000. The bank's analysts explain that the cryptocurrency's price could reach this level if the cryptocurrency's volatility diminishes and institutional investors start investing more in bitcoin than gold in their portfolios.
Nikolaos Panigirtzoglou, an analyst at the firm, predicts that in the long term, the price of bitcoin could reach $146,000, with a short-term price target of $73,000 in 2022. He added, "The resurgence of investor concerns about inflation during September/October 2021 seems to have reignited interest in using bitcoin as an inflation hedge."
