Despite a bearish sentiment in the crypto market, strategists at major US investment bank JPMorgan are upbeat about bitcoin. According to the bank’s strategists, bitcoin is currently heavily undervalued, and is waiting for a solid rebound in its price. In particular, bitcoin has been struggling lately to regain the psychological barrier of 30,000 dollar.
Bitcoin worth 38’000 dollar
In a recent report, the bank’s investment gurus write that bitcoin’s actual value currently stands at 38’000 dollar (36,100 euro). In addition, it casually lets us know that bitcoin has taken the place of real estate in their portfolio for alternative assets.
„The past month in the crypto market looks more like capitulation than anything we saw in January and February. Looking ahead, we see a lot of upside potential for bitcoin and the crypto market in general“
the analysts said in the report published on Wednesday. The report also focused on the macroeconomic environment in which bitcoin is moving.