In a recent note, JPMorgan Chase & Co JPM said that Bitcoin’s BTC/USD fair price is 28% higher than its current level.
What Happened: JPMorgan’s strategist Nikolaos Panigirtzoglou said in a note, “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.”
JPMorgan has said that the present cryptocurrency market has been hurt more than other alternative investments, such as private equity, private debt, and real estate. As prices have started moving back up, the investment bank suggests there’s still more room for the crypto market to rebound.
Bitcoin plunged to $17,708.62 on June 18, and has since moved 20% higher. Although, the apex crypto remains 69% below its record peak of $68,789.63.
What’s Next: JPMorgan remains committed to its May assessment of Bitcoin’s “fair value” at $38,000, 28% higher than its current market price.
The global cryptocurrency market cap has fallen from over $2.8 trillion in November 2021 to around $955 billion at press time.
However, JPMorgan analysts do not believe the market downturn has caused irrevocable damage to the cryptocurrency space
At the time of writing, Bitcoin was trading at $21,266, up 0.46% in the last 24 hours, that adds to a strong week for BTC, which is up over 8% in the past seven days.
Photo: Created with an image from Gideon Benari on Flickr