Bitcoin exchange rate forecasts - the further away, the more expensive

Investment bank JPMorgan named a theoretical long-term goal for .

Bank strategists believe that in the future the first cryptocurrency will gradually replace gold as a "protective asset.

JPMorgan analysts see the long-term target for bitcoin as $146,000. This will be possible if capital outflows from the cryptocurrency continue. Nevertheless, the process will be long and, therefore, the goals will be unattainable this year, writes ttrcoin.

The current market capitalization of the first cryptocurrency of $575 billion should grow 4.6 times to match the total private sector investment in gold through ETFs, bullion and coins.

At the same time, JPMorgan sees an obstacle to continue the rapid rise of bitcoin in the short term due to the excessive volume of long speculative positions.

In this case, we can not exclude the possibility of speculative mania, which in the near future may push the rate of the first cryptocurrency to $50-100 thousand. However, such price levels will be unsustainable, noted in JPMorgan.

Earlier, David Rosenberg, former top economist at Merrill Lynch Bank and president of Rosenberg Research, said that bitcoin has formed "the biggest bubble ever. He called the growth of the first cryptocurrency in recent months "abnormal," but stressed that a sharp decline should not happen as long as interest rates of central banks remain at a level close to zero.

Rekt Capital analyst said that now a new four-year cycle begins, the minimums and maximums of which he tried to determine by projecting the behavior of the market on the previous similar segments. According to his prediction, bitcoin is capable of rising to the level of $150,000 - 170,000.

"The market is now getting rid of the least optimistic investors, may consolidate for a while, and then move into a new phase of growth. If this scenario materializes, it could activate the most active phase of the FOMO, which will include not only retail investors, but also the most conservative-minded large capital," notes the team of analysts at FxPro.

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