• Nikolaos Panigirtzoglou says BTC should be trading at $45,000.
• His forecast is based on gold that’s currently near the $2,000 level.
• Despite recent weakness, Bitcoin is up more than 60% year-to-date.

Nikolaos Panigirtzoglou – a JPMorgan analyst remains bullish on Bitcoin even though it has taken a hit in recent weeks.

A gold-based forecast for BTC

Last week, Panigirtzoglou said BTC should be trading at about $45,000. His forecast is hinged on gold that’s currently trading near the $2,000 level. In his research note, the analyst said:

$45,000 price for bitcoin is under the assumption that it equalizes gold in private investors’ portfolio in risk capital or [volume] adjusted terms.

Remember that the price of both assets are historically known to move in tandem.

It is also noteworthy that several whales saw the recent dip in Bitcoin as an opportunity and have accumulated about $100 million worth of BTC over the past 24 hours.

Bitcoin supply will halve in 2024

It is conceivable that strength of the U.S. dollar index and uncertainty, be it related to the federal debt, the rate hikes, or on the regulatory front, could continue to weigh on Bitcoin in the short-term.

Long-term, though, JPMorgan’s Panigirtzoglou is convinced of the upside especially as bitcoin halving next year sees the cost of producing a bitcoin hit $40,000.

Indeed, the previous halving events of 2016 and 2020 were accompanied by a bullish trajectory for bitcoin prices that had accelerated post the halving event.

Despite the recent dip, Bitcoin is up more than 60% for the year at writing.