Opinion of GPSMorgan analysts; Bitcoin is not worth $ 44,000
Analysts at JPMorgan Chase have estimated the fair price of bitcoin at $ 38,000. The estimated number of these experts is 12% lower than the current price of Bitcoin.
To Report Crypto Briefing Despite the fact that the price of Bitcoin recently fell from its all-time high of $ 69,000, some GPSMorgan analysts still believe that the current price of $ 44,000 for Bitcoin is too high. Is.
The strategists of this banking and investment giant, led by Nikolaos Panigirtzoglou, stated that bitcoin fluctuates 300% more than gold, stating that the fair value of bitcoin is around $ 38,000.
Also read: Market situation: Was this week’s bitcoin jump temporary?
The analysts claimed in a memo published on Tuesday that the fair value and volatility of bitcoin were inversely related. According to this criterion, if Bitcoin were to fluctuate less, it would have a more fair value than the current estimate. According to these analysts, if the difference between the fluctuations of bitcoin and gold is reduced by 200%, bitcoin can have a fair value of about $ 50,000.
According to these experts, the biggest obstacle for Bitcoin in the future is its fluctuations and cycles of prosperity and recession, barriers that they say have limited the institutional acceptance of this digital currency. Panigretzoglu believes that Bitcoin will reach a price of $ 150,000 in the long run. Last year, the organization’s experts estimated the long-term price of bitcoin at $ 146,000, so the current estimate has slightly increased the price of bitcoin in the long run.
In recent months, JPMurgan has taken a relatively conservative approach to bitcoin. In June 2021 (weeks 1400), weeks after the bitcoin reform and its decline from $ 64,000 in April (April 1400), Panigretzoglu believed that it was still possible to correct the $ 26,000 price of bitcoin, and the fair value of this The digital currency ranged from $ 24,000 to $ 36,000. In the same summer, Bitcoin recorded a memorable correction, reaching $ 29,000, before re-entering the $ 69,000 range in November (November) and returning after a recent crash. Trying again at this price.
In recent months, various factors have played a role in the collapse of the digital currency market. Fears of the Emicron, a possible Russian war, rising solidarity with traditional assets, and the Federal Reserve’s decision to raise interest rates in the New Year were among these factors.
In the memo, GPSMorgan experts noted that the trend of futures trading and reserves in exchange offices indicates that the next fall in the price of digital currency market could be the beginning of a downward trend that is longer than what we saw in May 2021 (May 1400). It will be more worrying.
While GPSMorgan predicts a relative scenario for the price of bitcoin, other analysts’ forecasts show more signs of hope for a rise in the price of bitcoin. ARK Invest, an asset management company led by Cathie Wood, announced last month in a report that bitcoin will reach $ 1 million by 2030.
Studies show that the number of long-term bitcoin investors has increased and the acceptance process of bitcoin is accelerating. The same report also predicts that the market value of Atrium will reach $ 20 trillion by the end of the 2030s, which puts the price of Atrium in the price range of about $ 180,000.