JPMorgan analysts have set a long-term price target for Bitcoin at $240,000, reflecting a major shift in the bank’s outlook on the cryptocurrency market as it moves from being driven by retail speculation to becoming a more institutionally traded asset class.
The bank’s forecast arrives as Bitcoin trades around the $87,000 level in late November, following a retreat from its October high of $126,000. JPMorgan indicates that cryptocurrency valuations are increasingly influenced by broad macroeconomic factors rather than the asset’s traditional four-year halving cycle.
“Crypto is moving away from resembling a venture capital style ecosystem to a typical tradable macro asset class supported by institutional liquidity rather than retail speculation,” the bank noted in a recent report.
According to The Street, a speaker at a recent JPMorgan event said that Bitcoin could “potentially reach $240K over the long term,” describing the scenario as a multi-year growth case rather than a base case forecast.
