The price of Bitcoin has been stuck near $30k for quite some time now. Bears are unable to take the price lower, and bulls are not able to push it past $31k. However, amidst all this, JPMorgan says that Bitcoin’s price should reach $38k. That’s a 28% upside from the current rate. JPMorgan is so bullish that it has also replaced real estate with crypto as a preferred alternative asset.
JPMorgan is bullish about Bitcoin
Generally, we see that the firm gives price targets that are below what the market rates are. However, this time around, a strategist from the firm Nikolaos Panigirtzoglou said that the price target of BTC is $38k. This means we could see a significant jump from here. It would also help recover the losses of altcoins that have been bleeding for a while now. The $38k price is a fair value estimate of JPMorgan.
That’s not all. The firm is also bullish on the long-term price of Bitcoin. They have quoted a price of at least $150k in the upcoming years. While we didn’t achieve that price in this bull run, the next halving could trigger a significant rally which could take the price past the 6-figure mark ($100k).
JPMorgan replaces real estate with crypto
While the price prediction of $38k and being bullish all that is great, I am even more bullish about crypto replacing real estate as a preferred alternative asset. JPMorgan says that the recent downturn has affected crypto and other alternative investments, but they also have a major rebounding opportunity from here.
However, the firm also pointed out that the crash of Luna and UST has weakened the sentiment of crypto investors. At the same time, institutional investment in crypto is slowing down, which can be a major issue for the market. However, in a bear market, these things are expected, and the only things investors can do is hold their coins, and preferably dollar cost average them.
Isn’t it surprising that JPMorgan sees more potential in crypto than real estate, which is physical and exists in the real world? I am just thinking about what Warren Buffet would have to say as JPMorgan replaces real estate with crypto. Let us know what you think in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: US Senator Ted Cruz buys Bitcoin weekly and is extremely bullish.
