- JPMorgan expects Bitcoin to surpass gold in performance due to increased institutional involvement and state-level Bitcoin reserve strategies.
- Technical analysts highlight a bullish chart formation that suggests Bitcoin could reach $125,000 if current support levels remain steady.
- Whale activity shows short-term profit-taking, while long-term demand rises with corporate commitments such as Basel Medical’s $1 billion BTC investment.
Economist Peter Schiff has challenged the notion that Bitcoin acts as a safe-haven asset. He argued that Bitcoin moves in line with risk assets, especially during periods of easing inflation and recession fears. Schiff highlighted gold’s traditional role as a reliable store of value during economic downturns and stated that Bitcoin does not reflect this characteristic.
Bitcoin often reacts to major events occurring on the global stage. As the US-China trade war escalated, Bitcoin prices spiked and came close to hitting $100,000 before the parties began serious negotiations. This indicates that Bitcoin exhibits a more unique response to global events than Schiff has claimed.
JPMorgan Forecasts Bitcoin to Outshine Gold
JPMorgan analysts have presented a contrasting perspective. The bank predicts that Bitcoin will outperform gold in the second half of the year. Analysts attributed this forecast to increasing interest from institutional investors and new efforts by US states to establish Bitcoin reserves. These developments are expected to support Bitcoin’s upward movement.
Technical analysts continue to express confidence in Bitcoin’s current trend. A prominent market observer identified a bullish inverse Head and Shoulders pattern on the chart. Based on this setup, a price target of $125,000 remains in focus. The $100,000 price level is also holding as a strong Fair Value Gap, which analysts believe is key to sustaining bullish momentum.
On-Chain Metrics Reveal Mixed Market Behavior
Recent on-chain data shows a complex picture. Around $98,732, over 1.19 million wallets accumulated more than 1.19 million BTC, highlighting strong demand. At the same time, whales have sold more than 30,000 BTC within 72 hours, indicating profit-taking. Still, corporate interest appears to be expanding, with Basel Medical Group committing $1 billion in Bitcoin for treasury holdings.
