JPMorgan Forecasts Theoretical Target for Bitcoin at $150,000

JPMorgan's long-term theoretical target for bitcoin is $150,000, up from $146,000 projected in January 2021.

JPMorgan analysts suggested that the “fair value” of cryptocurrency is actually below the market price on Tuesday.

In the bank's latest investor note published on Tuesday, JPMorgan strategists said the current fair value level for BTC is around $38,000. Analysts have suggested that the “fair value” of Bitcoin will rise to $50,000 in a scenario where the volatility level shrinks to three times.

Strategists are still forecasting that BTC will rise well above $100,000 in a single day.

BTC is down 50% from $60,000 to around $33,000, however, some Bitcoin metrics, such as open interest in futures contracts and reserves in exchanges, point to a “longer-term and therefore more worrisome trend” that began in November.

Strategists previously issued a similar report in November, asserting that the “fair value” of Bitcoin was around $35,000, or about 45% below the market price of $63,281.