According to JPMorgan, bitcoin could rise to $45,000 this year. Its rally is likely to be driven by the current price of gold, which has come close to $2,000 per ounce. Such a conclusion has been made after observing the dynamics of the two assets. 

BTC and the precious metal tend to move in tandem and are viewed by investors as alternatives. With the price of gold above $2,000 per ounce, the value of the metal held outside central banks is currently valued at $3 trillion. Against this backdrop, bitcoin could rally to $45,000, analysts estimate. This scenario is possible if the biggest cryptocurrency equals gold in the portfolios of private investors.

However, currency strategists at JPMorgan see the $45,000 mark as an upper limit, suggesting that bitcoin’s upside potential is limited. Markedly, the upcoming halving of the digital currency scheduled for 2024 will double its production cost to around $40,000. This level has historically been the lower price limit of the token, JPMorgan stressed.