JPMorgan predicts gold and Bitcoin to rally amid geopolitical tensions
The post JPMorgan predicts gold and Bitcoin to rally amid geopolitical tensions appeared on BitcoinEthereumNews.com.
Bitcoin (BTC) and gold have been expected to experience massive upsides through most of 2024 due to numerous financial, technical, and political reasons. Indeed, by October 4, both assets had been performing well, with gold trading near its all-time highs (ATH) and BTC, despite being well below its peak, substantially in the green year-to-date (YTD). Experts at the banking giant JPMorgan (NYSE: JPM), however, believe that both the commodity and the cryptocurrency have significantly more room to grow in the coming month. To be precise, both assets are expected to benefit from ongoing global and national events in the U.S., with some high geopolitical tensions identified as one of the main drivers. How global tensions might drive gold and Bitcoin up In fact, gold has already reaffirmed its position as a safe haven asset as it sharply rallied in the wake of the Iranian missile strike executed against Israel on October 1. The attack was ordered in retaliation for the assassinations of the Chairman of the Hamas Political Bureau, Ismail Haniyeh, the Secretary-General of Hezbollah, Hassan Nasrallah, and multiple officers of the Islamic Republic’s armed forces, as well as the bombings and incursions in Palestine and Lebanon. The event saw the precious metal climb from about $2,628 on September 30 to around $2,670 near the time the rockets were nearing their targets in Israel. Gold 5-day price chart. Source: TradingView Simultaneously, the attack cast doubt on Bitcoin’s role as a safe haven investment as the cryptocurrency collapsed in value from approximately $64,000 to under $61,000 near the same time. BTC 5-day price chart. Source: Finbold Why the November elections could send Bitcoin to new all-time highs Nonetheless, JPMorgan’s Nikolaos Panigirtzoglou considers domestic events as the bigger potential drivers of a BTC rally, than any international crises stemming from the wars…
Filed under: News - @ October 4, 2024 1:22 pm