Regarding the future evolution of Bitcoin, analysts at the bank confirmed a strongly bullish forecast, with a theoretical long-term objective of a capitalization equal to all gold held privately for investment purposes. , which would correspond to a value of $150,000 per Bitcoin. A year ago, the bank had a long-term goal of $146,000.
Finally, note that the bank's analysts also judged that the correction that we observed in Bitcoin and other cryptocurrencies in January looks less like a capitulation than that of last May.
However, JP Morgan notes that factors such as futures open interest and equity market reserves now point to an “older and therefore more worrying trend of shrinking positions” that began in November.
In other words, things could get even worse for Bitcoin in the short-medium term before they get better in the longer term.