Strategists at Wall Street investment bank JPMorgan have updated what they consider to be a “fair value” price for Bitcoin.
According to JPMorgan Chase strategists led by Nikolaos Panigirtzoglou, Bitcoin’s “fair value” should be 12% lower than its actual price.
“The biggest challenge for Bitcoin going forward is its volatility and the boom and bust cycles that hinder further institutional adoption,”A more interesting observation from the letter to investors this week is that JPMorgan has increased its long-term price prediction for BTC. A year ago, the strategists suggested the long-term price for Bitcoin was $146,000, but they have upped this to a new prediction of $150,000. They did not provide a definition or time scale of “long term,” however.
The analysts also commented that January’s market pullback did not look like the same capitulation event that occurred in May 2021. Last month, Bitcoin prices declined by 22%, from almost $47K to around $36.5K.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
JPMorgan Predicts Bitcoin Could Hit $150,000.jpmorgan believes Bitcoin could potentially match private sector investment in gold
Read more »
Bitcoin rebound hits $45.5K as focus switches to future support retestsIs Bitcoin ready to rocket? BTC hit new multi-week highs above $45,000 before consolidation on Feb. 8 as the comeback continues.
Read more »
Feds Seize $3.6 Billion In Stolen Bitcoin, Arrest Couple Five Years After Massive Crypto Exchange HackBitcoin prices fell after news of the seizure, which authorities called their largest ever.
Read more »
Bitcoin Miners Offloaded Holdings as Prices Dropped to $33KBitcoin miners sold part of their holdings over the past 30 days after months of accumulation, according to data from multiple sources. By shauryamalwa
Read more »
Bitcoin needs to reclaim these two levels to avoid another dip to $28KThe journey to a new all-time high begins with a single step. Two moving averages need to flip before we have a shot at seeing another Bitcoin ATH.
Read more »