JPMorgan (NYSE: JPM) believes the price of bitcoin has risen “significantly.” The cryptocurrency’s price objective, set by the major investment bank, is 28% higher than its current price. JPMorgan also stated that cryptocurrencies, along with hedge funds, are its “preferred alternative asset class.”
The bank’s strategists said that their price estimate for bitcoin is still $38,000, signaling “a big climb in digital assets from here.” Bitcoin is presently worth roughly $29,600.
“Last month’s crypto market correction looks more like a capitulation from last January/February and, looking ahead, we see an upside for bitcoin and crypto markets more generally.”
While the investment bank’s price goal for bitcoin is $38, its strategists have stated that the cryptocurrency’s potential long-term price aim is $150,000.
According to JPMorgan, the recent market slump has harmed cryptocurrencies more than other alternative assets, such as real estate.
While the rapid fall of Terra (LUNA) and TerraUSD (UST) has impacted the mood among many crypto investors, strategists said that there have been few signals so far that venture capital spending in the crypto sector is slowing down.