JPMorgan’s Bitcoin price target is 28% higher than where it is now.
JPMorgan Chase & Co. issued a positive commentary on bitcoin and cryptocurrencies on Wednesday. According to the bank’s experts, including Nikolaos Panigirtzoglou, the price objective for bitcoin remains around $38,000, signaling “considerable potential for digital assets from here.
Bitcoin is currently trading at $29,784, down 2.4 percent in the previous seven days and over 25 percent in the last 30 days. The fair value estimate for bitcoin by JPMorgan is roughly 28% more than the current price.
“The past month’s crypto market correction looks more like capitulation relative to last January/February and going forward we see upside for bitcoin and crypto markets more generally.
While the investment bank’s bitcoin price objective is $38,500, its strategists have stated that the cryptocurrency’s long-term theoretical target price is $150,000.
Crypto Has Replaced Real Estate as JPMorgan’s Preferred Alternative Asset Class.
Furthermore, in the face of rising mortgage rates, the global investment bank now considers cryptocurrency to be its “preferred alternative asset class.
The latest market collapse, according to JPMorgan, has harmed cryptocurrencies more than other alternative assets, such as real estate.
The strategists wrote: “This pattern shows crypto has more space to rebound,” noting that “crypto has more opportunity to rebound.
“We thus replace real estate with digital assets as our preferred alternative asset class along with hedge funds.
Following the implosion of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd, the JPMorgan note triggered a significant sell-off in the crypto market (UST).
While the spectacular drop of the two cryptocurrencies has affected the attitude of many crypto investors, the strategists said that there has been no evidence that venture capital investing into the crypto sector has slowed.
Andreessen Horowitz (a16z), a leading venture capital company, announced the opening of its new $4.5 billion crypto fund on Wednesday.
