Bitcoin is facing serious resistance at $30,000 and some analysts believe it will continue to decline from here. A Wall Street banking giant, JPMorgan, is projecting a positive, 28 percent rise for Bitcoin relative to current prices.
JPMorgan: Bitcoin’s “true value” is $38,000
In a letter to investors, JPMorgan analysts stated that $38,000 is a “reasonable price” for Bitcoin. Also, the bank is optimistic about the future of the market. The note reads:
Last month’s crypto market correction looks more like a capitulation than last January/February, and looking forward we see more generally upside for Bitcoin and the crypto market.
JPMorgan prefers cryptocurrencies over real estate
Bitcoin and cryptocurrencies are among the “alternative investments” recommended by the company. taking. According to JPMorgan, cryptocurrencies have seen a larger correction than other types of assets such as private debt, private equity and real estate. The bank’s strategists have this to say:
That’s why we’re replacing real estate with cryptocurrencies as our favorite alternative asset class alongside hedge funds.
Bitcoin and other cryptocurrencies have been severely impacted by the global financial landscape. As the Fed prepares to raise interest rates in the face of rising inflation, investors are transferring money to risk OFF assets. But despite the recent drop, some of the world’s wealthiest investors continue to support Bitcoin. Billionaire hedge fund manager Ray Dalio said he still believes in Digital Gold Bitcoin as an alternative asset class. Bill Miller, a billionaire, said he held Bitcoin assets and never sold them during the current market downturn.
What market analysts are saying for Bitcoin
While analysts predict volatility will return, low transaction efficiency becomes important. Analyst Dylan LeClair described the situation as “eerily calm” based on volatility data.
Eerily calm out there… $VVIX $VIX pic.twitter.com/XAWAsIHypJ
— Dylan LeClair 🟠 (@DylanLeClair_) May 25, 2022
Michaël van de predicting a move towards $32,800 on May 25 Poppe says a breakout from the current price zone will be “relatively soon”.
Breakout is coming relatively soon for #Bitcoin and if we combine that with FA, then we can clearly assume that;
– Jobless claims
– PCE inflationAre going to be the trigger. If inflation slows down or jobless claims are fine, the FED might be slowing down the policy. pic.twitter.com/WCEgQhMvXm
— Michaël van de Poppe (@CryptoMichNL) May 26, 2022
