BITCOIN is at the start of a price recovery which could see its value rocket, according to experts.
Experts at JPMorgan Chase claim there’s “significant upside potential”, which could turn the fate of Bitcoin around around recent crashes.
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Bitcoin’s value has already increased by 15% since it hit one of its lowest points in May this year.
At the time of writing, one Bitcoin is being valued at $30,655 (£24,242).
Last week, JPMorgan strategists told investors that $38,000 ($30,048) is currently a fair price for Bitcoin.
That’s a 25% increase on today’s value of the cryptocurrency.
JPMorgan’s note to investors stated: “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”.
Another important part of the note read: “We thus replace real estate with digital assets as our preferred alternative asset class along with hedge funds.”
That means the experts think cyrptocurrency is a better asset to own right now than a house if you’re looking to invest in something.
Just like Bitcoin’s value, opinions on the cryptocurrency can change quickly.
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Last year, JPMorgan CEO Jamie Dimon told the Wall Street Journal CEO Council summit: “I’m not a Bitcoin supporter. I don’t care about Bitcoin. I have no interest in it.”
Goldman Sachs previously suggested that Bitcoin could reach a staggering value of $100,000 (£74,000) this year.
That hasn’t been the cryptocurrency’s fate so far.
Bitcoin was trading at $69,000 (£54,582) back in November 2021 and hasn’t reached that peak again this year.
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