JPMorgan Raises Bitcoin's Long-Term Target Price to $266,000, Citing Comparison with Gold

In a report dated February 5, JPMorgan's analyst team indicated that although Bitcoin (BTC) is currently facing short-term downward trends, it has the potential to reach a long-term target of $266,000, as reported by multiple media outlets. The analysis team, led by Managing Director Nikolaos Panigirtzoglou, cites the growing appeal of cryptocurrencies compared to gold as the primary reason for this assessment. Related: Bitcoin futures oversold, gold and silver overbought, according to JPMorgan. Bitcoin's price has fallen by about 12% in the past 24 hours, currently hovering around $63,000, according to the bank's analysts...