Home Alternative Investments JPMorgan’s Bitcoin price target is 28 percent above the current price

JPMorgan’s Bitcoin price target is 28 percent above the current price

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US-based multinational investment bank, JPMorgan, penned in a note published on May 25 its analysis and predictions for the price of Bitcoin, nasdaq.com reported. The bank has predicted a considerable increment of 28 percent in the price of Bitcoin. The crypto assets that are considered riskier including Bitcoin, slumped in 2022 following strict monetary regulation and long-standing high inflation in the US and around the world, the bank explained in the note.
JPMorgan strategist and analyst, Nikolaos Panigirtzoglou explained the bank’s viewpoint with these arguments and analysis of the scenario :
– The bank elevated the monetary relevance of Bitcoin by calling it its preferred alternative asset class along with hedge funds instead of real estate afflicted with high mortgage rates.
– The recent steep decline in the crypto market hurt cryptocurrencies more than alternative investments including real estate.
– The bank prefers digital assets along with hedge funds replacing real estate because the existing trend indicates that cryptocurrencies have more scope to rebound this time.
– Bitcoin, which is one of JPMorgan’s preferred alternative investments, is currently below its fair price.
– The analyst took a bullish stance on the price of Bitcoin which they see to increase nearly 28 percent from the current price to $ 38,000. The price of Bitcoin as of May 27 is $ 29,032 according to coinmarketcap.com.
– On the other hand, the long-term theoretical target price for BTC has been predicted to rise to $150, 000.
– The bank expects the value of both Bitcoin and the crypto market, in general, to increase in comparison to the crypto market correction going on since last month. The market correction in April appears to be a shield of resistance to the January and February prices.
– The note drew attention to the collapse of two cryptocurrencies LUNA and Terra USD which has dampened the spirit of many crypto investors. However, venture capital funding into the crypto sector did not slow down as much.
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