According to JP Morgan strategist Nikolaos Panigirtzoglou, Bitcoin investors were involved in a market genocide this year, but holding investors still need to expect a rise of at least 30% against cryptocurrencies. I have. He reiterated in this week’s note that Bitcoin’s fair value is at the $ 38,000 level. This means an increase of about 32% in the cryptocurrency of the trading source. It traded at about $ 28,687 on Friday at 12:30 pm EST. Strategists said the same thing in February when Bitcoin and risk assets were still falling more widely. “The volume ratio of Bitcoin to gold has gradually declined towards a quadruple. This suggests a constant fair value of about $ 38,000 in our framework, and digital assets from here. That means a big rise, “Panigirtzoglou said in this week’s memo. Preferred Alternative Asset Class He also said that digital assets have replaced real estate as the company’s “preferred alternative asset class with hedge funds.” According to Panigirtzoglou, the prices of digital assets have been revised after the collapse of Stablecoin TerraUSD earlier this month, while the public market has already priced recession risk. “We will be more cautious about private equity, private debt and real estate over the next few quarters as price revisions may be delayed,” he said. Bitcoin recorded the longest weekly loss in history this month — 8 weeks — in the midst of this year’s widespread sale of risk assets and the tremendous explosion of Terra USD, one of the most popular projects in cryptocurrencies. And market sentiment is disastrous. Most crypto investors and observers arrived on the market during or after the 2018-2019 “Cryptographic Winter”. Bitcoin has more than halved since reaching a record $ 68,982.20 in November. It was trading in a narrow range this year, but fell below $ 30,000 this month after the collapse of Terra. Venture capital financing for crypto projects is critical to the digital asset market, according to Panigirtzoglou, and could help avoid long-term “crypto winters” like 2018. The next Bull Run is ready. “So far, there is little evidence that VC funds have run out after the collapse of Terra,” said Panigilzoglow. “Of YTD’s $ 25 billion VC funding, nearly $ 4 billion came after Terra. Our best guess is that VC funding will continue and avoid the same long winters as 2018/2019. That is. “
JPMorgan sees upside for bitcoin after recent washout
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