Analyst Says $100,000 Bitcoin Might Be Conservative
Jamie Dimon, CEO of JPMorgan He recently said that Bitcoin is worthless. James Gorman, CEO of Morgan Stanley, said Thursday that cryptocurrency is not a fad, but he is unsure about the price outlook.
Joren TimerFidelity, director of global macro macros, is more clear about the direction of Bitcoin: $100,000 by 2023.
“So this move up [in bitcoin] It came without the help of the momentum chaser, which I think is a good sign because it means there is something else going on with bitcoin going up. This is the primary demand for Bitcoin and its network. When I get 100,000 dollars [for bitcoin prices]This is a conservative estimate based on the intersections of my supply model and my demand model,” Timmer said Yahoo Finance Live.
Several bitcoin bulls may argue that $100,000 may be in the cards before the end of the year, based on recent trading activity in the benchmark cryptocurrency.
Bitcoin prices soared back to levels We haven’t seen it since May of this year amid hopes of greater institutional adoption and the possibility that the Securities and Exchange Commission will sign new Bitcoin ETFs soon. At $57,000, bitcoin prices are up about 80% from their lows in late July fueled by regulatory concerns globally. Bitcoin prices are up almost 18% in October alone.
Bullish movements are seen in other cryptocurrencies as well. Shiba Inu and Ethereum are up 328% and 12%, respectively, over the past month.
Timmer warns that just because the bulls have regained the cryptocurrency recently, it does not mean that prices will rise every day. There can still be choppy volatility in cryptocurrencies because it is still a very driven market, especially around potential regulation.
“I think it will be resolved [regulation] Over time, it will be positive as it will legitimize the space. But there are fluctuations that I don’t think will go away because it is a feature of price inelasticity.”