U.S.-based global investment bank JPMorgan disclosed on a note on Wednesday that the fair price of Bitcoin is 28% higher than its current level, implying "significant upside from here" after the current dramatic pullback in cryptocurrencies.
The investment bank mentioned that it was sticking to its view that $38,000 was a fair price for Bitcoin. That figure was 28% higher than the current price of the crypto, which stood at the $29,722 level on Wednesday morning.
In the note, the bank's strategists, including Nikolaos Panigirtzoglou, stated: "The past month's crypto market correction looks more like capitulation relative to last January or February and going forward we see upside for Bitcoin and crypto markets more generally."
JPMorgan acknowledged that the recent market crash has hurt cryptos more than other alternative investments, like real estate, private equity, and private debt. That suggests there is more room for cryptocurrencies to bounce back, the strategists mentioned in...
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