JPMorgan analysts put Bitcoin’s fair price at $38,000

The fair price of Bitcoin sits at around $38,000, and cryptocurrencies have overtaken real estate as one of the preferred ‘alternative assets’, according to Business Insider, citing analysts at JPMorgan.

As of writing, digital gold traded near $29,600. The fair price identified by the analysts was about 28% above the actual price.

“The correction in the cryptocurrency market that occurred last month more closely resembles capitulation than the January/February 2021 situation. Going forward, we see upside potential for Bitcoin and the cryptocurrency market as a whole,” the JPMorgan note states.

Analysts at the firm, including Nikolaos Panigirtzoglou, noted that during the correction the market for digital assets suffered more than other ‘alternative investments’ such as real estate. In their view, this points to potential for growth.

In February 2022 Panigirtzoglou had already stated that the fair price of Bitcoin was around $38,000. Back then, digital gold traded near $43,400.

In April, JPMorgan chief Jamie Dimon acknowledged the value of blockchain technology and DeFi applications.

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