Deniz 
According to JPMorgan analysts, any comeback in cryptocurrency values from this point is probably tactical rather than the beginning of a long-term rise. They point out that, given its production cost of roughly $43,000 and its volatility-adjusted comparison to gold, which is roughly $53,000, bitcoin’s present price of about $67,500 is exorbitant.
The pricing of bitcoin differs from the volatility-adjusted comparison to gold made by JPMorgan. Led by managing director Nikolaos Panigirtzoglou, JPMorgan analysts pointed to a mean reversion around the zero line, therefore restricting any upward potential for bitcoin prices over the long run in a Thursday research.
The experts underlined that as liquidations drop following July, crypto bounces are projected from August on. They observed that the German government selling confiscated bitcoins as well as liquidations by Gemini and Mt. Gox creditors had lately caused weak bitcoin futures. According to the analysts, these liquidations will probably stop after July and anticipate a comeback in bitcoin futures in August, in line with recent gold futures rises.
“We believe that momentum traders such as CTAs [commodity trading advisors] have played a big role in the gold futures impulse,” the analysts said. “The momentum signal for gold spiked in July towards the previous overbought territory of last April.”
Based on JPMorgan experts, a possible second Donald Trump presidency should help gold and bitcoin. According to the researchers, some investors see Trump as more friendly to crypto businesses and policies than the incoming Biden government. They also mentioned that Trump’s possible trade policies would cause growing diversification into gold by the central banks of emerging markets, particularly those of China.
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