This is the value of Bitcoin that is considered fair by the analysts of JPMorgan Bank. In their report, JPMorgan analysts indicate that the Bitcoin market is overheated at the moment, and its current price above $60000 is greatly overestimated.
JPMorgan analysts have compared Bitcoin and gold prices. Then they came to the conclusion that compared to gold, Bitcoin remains a very volatile asset. The range of Bitcoin price swings is four times wider than gold price swings.
Analysts argue that the rise in the price of Bitcoin to the area of $73000 will be more real if in the coming months we see a decrease in the Bitcoin volatility indicator at least twice. In this case, the Bitcoin price of $73000 will be more or less fair.
Analysts at JPMorgan are also bullish on Bitcoin’s price for next year. They believe that next year the price of Bitcoin is highly likely to reach $100000. It will not only reach this level, but also exceed it.
As of this year, JPMorgan analysts are expecting a 100% annual rise in the price of Bitcoin this year. Since July, the price of Bitcoin has been showing steady growth. October was the most successful for Bitcoin. Recall that at the beginning of this year, the price of Bitcoin was approximately $30000. Today Bitcoin is trading at around $61000. And a few days ago, the price of Bitcoin reached a new all-time high of $67000.