The world’s largest cryptocurrency Bitcoin (BTC) has been facing strong resistance at $30,000 levels, and some industry experts suggest a further downside from here. However, Wall Street banking giant JPMorgan is bullish on Bitcoin and sees a 28% upside from the current levels.
In a note to investors, JPMorgan strategists wrote that $38,000 was a “fair price” for Bitcoin. Furthermore, the bank holds a more optimistic view of the broader crypto market going forward. In its note to clients, JPMorgan wrote:
“The past month’s crypto market correction looks more like capitulation relative to last January/February and going forward we see upside for bitcoin and crypto markets more generally”.
But despite all this support, JPMorgan has moved Bitcoin and crypto from an “overweight” to an “underweight” rating. “The biggest challenge for Bitcoin going forward is its volatility and the boom and bust cycles that hinder further institutional adoption,” the strategists wrote.
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