JPMorgan released an inaugural report of its new publication last week focusing on the outlook for alternative investments, including digital assets. A new report is expected to be released every two to three months.

The firm’s analyst Nikolaos Panigirtzoglou has predicted that the price of bitcoin could reach $146K in the long term, with a short-term price target of $73,000 for 2022.

“Digital assets are on a multi-year structural ascent, but the current entry point looks unattractive in our opinion for an investment horizon of 12 months as bitcoin appears to have returned to overbought territory,” he explained.

The JPMorgan analyst added: “The re-emergence of inflation concerns among investors during September/October 2021 appears to have renewed interest in the usage of bitcoin as an inflation hedge.” Reiterating his “bullish outlook” for BTC made in October, he wrote:

Bitcoin’s allure as an inflation hedge has perhaps been strengthened by the failure of gold to respond in recent weeks to heightened concerns over inflation.

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