Strategists at Wall Street investment bank JPMorgan have updated what they consider to be a “fair value” price for Bitcoin.
According to JPMorgan Chase strategists led by Nikolaos Panigirtzoglou, Bitcoin’s “fair value” should be 12% lower than its actual price.
“The biggest challenge for Bitcoin going forward is its volatility and the boom and bust cycles that hinder further institutional adoption,”A more interesting observation from the letter to investors this week is that JPMorgan has increased its long-term price prediction for BTC. A year ago, the strategists suggested the long-term price for Bitcoin was $146,000, but they have upped this to a new prediction of $150,000. They did not provide a definition or time scale of “long term,” however.
The analysts also commented that January’s market pullback did not look like the same capitulation event that occurred in May 2021. Last month, Bitcoin prices declined by 22%, from almost $47K to around $36.5K.
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