The world’s biggest banks increasing their target prices for tech giant NVIDIA could lead to a significant rise in Bitcoin.
The largest global banks are raising the target prices for NVIDIA, which is closely correlated with cryptocurrencies.
The investment banking giants Oppenheimer raised their price forecast for NVIDIA from $875 to $1,100, while Piper Sandler raised it from $850 to $1,050.
The USD 1.9 trillion banking behemoth Citigroup increased its expectation for NVIDIA from $820 to $1,030. Furthermore, Goldman Sachs raised from $875 to $1,000, and Deutsche Bank targeted from $720 to $850.
According to data from Yahoo, NVIDIA’s stock, currently valued at $893, is expected to rise by approximately 15%.
Impact on Bitcoin
Over the past five years, the correlation between Bitcoin and NVIDIA has rapidly increased in both market value and correlation. The rising interest in Bitcoin, both due to its new technology and its adoption, has led to a surge in NVIDIA’s AI tools.
The interconnectedness of NVIDIA and Bitcoin has been further strengthened by the effects of U.S. economic initiatives.
Recently, the banks’ expectations for NVIDIA’s ongoing rise are anticipated to have a positive impact on Bitcoin’s price. If Bitcoin experiences a 15% increase from the current peak price, it is expected to rise to $84-85,000.
Britain-based banking giant Standard Chartered stated that it raised its year-end forecast for Bitcoin from $100,000 to $150,000.
