The long-running Bitcoin gold benchmark still hasn't come to a conclusion.
Bitcoin supporters argue that BTC is digital, stating that BTC is more secure than gold.
While BTC showed that it acted as a safe haven against economic problems, JP Morgan analysts said that Bitcoin was trading at a low price compared to the current gold price.
Currently, the "Balanced Price" level in Bitcoin, which is calculated by taking into account many metrics and shown as the "bottom level", is around $ 15,000. However, according to JP Morgan analysts, the value that BTC should be is much higher.
According to Barron's, JP Morgan analysts said in a note in their recent report that BTC should already be at $45,000, given that the price of an ounce of gold is $2,000.
Analysts evaluating the upcoming halving event said that while the halving will have a positive effect on the BTC price, they do not expect a rise in Bitcoin price in the near term due to the ongoing regulatory pressure against cryptocurrencies in the US.
“Given that the price of gold was $2,000 an ounce, BTC should now be trading at $45,000.
However, headwinds from regulatory restrictions in the US, unrest for the cryptocurrency ecosystem, banking networks, and repercussions from last year's FTX crash continue to weigh on Bitcoin as it seems to limit any potential gains going forward."
Next to analysts' estimate of $45,000, BTC is currently trading at $26,440, about 70% below the estimate.
*Not investment advice