Emphasize that gold investors have not switched to Bitcoin! JPMorgan Chase raises Coinbase price target to $150!

Despite Coinbase’s five-fold gain from 2022 to date, JPMorgan maintained its Neutral rating on Coinbase but raised its price target to $150 from $95.

JPMorgan Chase: Gold investors have not turned to Bitcoin

CoinDesk cited a JPMorgan Chase analysis report. Analysts headed by Nikolaos Panigirtzoglou pointed out that both institutional and retail investors have invested in gold this year. , Bitcoin "both" rather than moving to Bitcoin as some analysts claim.

Analysts said: In addition to retail investors, speculative institutional investors including Commodity Trading Advisors (CTA), hedge funds and other speculative institutional investors seem to have also entered gold and Bitcoin futures since February. Since February, open interest in Bitcoin has surged by $7 billion, and gold futures have also increased by $30 billion.

The report also believes that both mean reversions (Mean Reversion) are too risky, meaning that both assets may fall back to the mean.

JPMorgan Chase maintains a neutral rating on Coinbase and raises the target price

JPMorgan Chase also pointed out that the Dencun upgrade will have a long-term positive impact on Ethereum and further contribute to the revenue growth of Coinbase (COIN) One of the driving forces (Coinbase’s Ethereum staking market share is second only to Lido).

JPMorgan Chase still maintains a neutral rating on Coinbase, but raised the target price from $95 to $150.

In early March, Goldman Sachs (GS), also a Wall Street institution, ended its nearly two-year bearish stance on Coinbase and raised COIN from sell to neutral.

Goldman Sachs downgraded COIN to a sell rating around June 17, 2022, and since then COIN has achieved an increase of more than 400%.

COIN fell approximately 10% this week, closing at $242.

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