In a report by JPMorgan on May 25: He announced that the price that Bitcoin should be at the moment is $ 38,000, as they previously stated.
JPMorgan analysts led by Nikolaos Panigirtzoglou think that the price where bitcoin is located is low, and it will start upward movements from these levels.
The bank's strategists say that the point where Bitcoin is is $8,000 below the real price:
“The crypto market correction last month looks more like a capitulation than the previous January/February. Going forward, we see the charts to the upside for the Bitcoin and crypto markets.”
According to JPMorgan, the decline in the cryptocurrency market; He stated that it was caused by rising inflation, interest rates, the tension between Ukraine and Russia and the collapse of Terra. In addition, bank analysts said that they think bitcoin has fallen more than it should due to these consecutive events.
In addition, in a report published on February 8, the bank claimed that the fair value of Bitcoin could rise up to $ 50 thousand, and said that it increased its long-term target to $ 150 thousand from $ 146 thousand it thought last year.
This Is Why Bitcoin Dropped According To The North Island President
In an interview with CNBC, North Island President Glenn Hutchins offered one of the reasons why big tech stocks and Bitcoin have fallen hard lately.
Hutchins thinks this is because investors are getting rid of their BTC to make up for losses on other aspects of their crypto investments.
"The reason why #Bitcoin has gone down so much is because people have been selling Bitcoin to cover their losses in other parts of the crypto-universe," says North Island Chairman Glenn Hutchins. "There's lots of room in historic data for this market to come down."