If you have nerves of steel lol!!!!
Bitcoin could reach $266,000 "over the long term" as it increasingly looks more attractive than gold, even as crypto markets face near-term pressure from weak sentiment, according to JPMorgan analysts.
Crypto markets have come under renewed pressure over the past week as broader risk assets, particularly technology stocks, weakened and traditional hedges such as gold and silver also saw a sharp correction, JPMorgan analysts led by managing director Nikolaos Panigirtzoglou said in a report on Wednesday. A $29 million hack of Solana-based DeFi platform Step Finance further dented investor confidence across the sector, the analysts added.
Bitcoin’s recent correction has pushed the cryptocurrency below its estimated production cost, which has historically acted as a "soft price floor," the analysts said. They currently estimate bitcoin’s production cost at around $87,000. If prices remain below this level for an extended period, unprofitable miners could exit the market, which would in turn push production costs lower, the analysts added..................
Bitcoin could reach $266,000 "over the long term" as it increasingly looks more attractive than gold, even as crypto markets face near-term pressure from weak sentiment, according to JPMorgan analysts.
Crypto markets have come under renewed pressure over the past week as broader risk assets, particularly technology stocks, weakened and traditional hedges such as gold and silver also saw a sharp correction, JPMorgan analysts led by managing director Nikolaos Panigirtzoglou said in a report on Wednesday. A $29 million hack of Solana-based DeFi platform Step Finance further dented investor confidence across the sector, the analysts added.
Bitcoin’s recent correction has pushed the cryptocurrency below its estimated production cost, which has historically acted as a "soft price floor," the analysts said. They currently estimate bitcoin’s production cost at around $87,000. If prices remain below this level for an extended period, unprofitable miners could exit the market, which would in turn push production costs lower, the analysts added..................
