Ethereum is now worth more than $2,100, and Bitcoin is worth $35,000 at the time this article was written. After a significant rise, altcoins showed some relief yesterday. All of this occurred after Bitcoin fell below $30k and began to recover. According to JP Morgan, the current price action of BTC and EPH indicates that crypto markets have begun to recover from their losses. A few more sales may occur before the market’s upward trend continues. Is this the beginning of a bull market? Yes, absolutely! So, should you go in right now? I would advise you to wait for you.
JP Morgans’ view
According to the company’s analysts, the market will not be very good in the short term. Furthermore, sale off can be used to cover losses. As a result of China’s crypto ban, mining costs will rise, lowering the hash rate and, as a result, the price. It’s also not a good sign for the market. Many obstacles remain, but the market, according to JPMorgan, has begun to heal. Analysts continue to be pessimistic about Bitcoin. According to them, Bitcoin’s fair value ranges from $23K to $35K on a gold basis, which is not what we expected. JPMorgan also predicted that a $25k price would fall before rising again.
Our say!
Personally, I do not take JPMorgan analyst reports seriously. Before issuing a Bitcoin price target, many companies conduct their own research and analysis. These objectives are frequently adjusted to reflect market sentiment. When it comes to JPMorgan, however, this cannot be said. I recall that the target price of Bitcoin in 2021 was $146,000, and it has since retreated and repeatedly reverted to that level. At this point, it appears that they are simply stating the current state of the market. There is no vision, nor is there any real analysis.
I also don’t believe Bitcoin has a value of $23K-$35K when compared to gold. It is a much more valuable advancement for the financial industry. Perhaps 5-10 years are required before BTC overtakes gold, but I believe so.
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