Nikolaos Panigirtzoglou’s team stressed that there is a significant amount of correlation between bitcoin and gold rates.
Gold is now trading around $2,000, which is extremely high, which means bitcoin should rise.
“At a gold price above $2,000, the noble metal’s capitalization, if you don’t count the holdings of various central banks, is estimated to be around $3 trillion.
In turn, that implies a bitcoin price of $45,000, assuming private investors accept bitcoin as a protective asset like gold, but more risky,” the report said.
Analysts also reminded that next year there will be another bitcoin halving and the reward to miners for mining blocks will be halved.
This should “mechanically” increase the price of the first cryptocurrency to $40,000.
“The fact is that the cost of mining bitcoin has historically acted as a lower bound on the BTC exchange rate.
And, as we saw in 2016 and 2020, halving has always been accompanied by a rise in the bitcoin exchange rate,” JPMorgan strategists said.
Analysts believe that over the next 12 months bitcoin should grow by at least 25%, and after the halving the growth of the BTC rate should continue.
But the bank analysts are not so optimistic about ETH. They believe that in the medium term, ether’s performance will lag behind bitcoin.
In March, researchers at JPMorgan said the U.S. banking crisis could open up more opportunities for some cryptocurrency exchanges.