Bitcoin to $150,000, JP Morgan Chase Predicts

• JP Morgan Chase Strategists have tipped the value of Bitcoin to reach $150,000, in the long term

• They have also stated that the fair value of the cryptocurrency should be $38,000, 12% lower than it is at the moment

• The flagship cryptocurrency reached $45,000 on Thursday, its highest value since the crash below $40,000 in January

Even though Bitcoin is just recovering from a huge market crash from its all-time high of $69,000, investment bank JP Morgan Chase has predicted that the value should be 12% lower.

Strategists from the company, led by Nikolaos Panigirtzoglou believe that the cryptocurrency is currently overpriced.

According to the team, BTC should be priced at around $38,000. Based on the premise that is about 4 times more volatile than Gold.

The strategists added that the fair price could increase to around $50,000 if the volatility of the digital asset dropped.

A part of their comments, according to Bloomberg can be seen below:

“The biggest challenge for Bitcoin going forward is its volatility and the boom and bust cycles that hinder further institutional adoption,”

Read also: Apple to Add Cryptocurrency Payments in iPhone Update

Another interesting observation in their prediction is that they are tipping the flagship cryptocurrency to reach $150,000, in longterm.

This is up from their long-term prediction of $146,000 that was made for BTC, only a year ago.

At the time of writing, Bitcoin was changing hands for $45,255, according to data from CoinMarketCap. The asset hit an intraday high of $45,661 and is up 2.8% in the past 24 hours.

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