JPMorgan Sees Another Upside for Bitcoin

In fact, the firm only sees more upside from here — a 28% rise in bitcoin is its forecast, according to a Markets Insider article. The firm is standing pat that bitcoin can rise up to the $38,000 level from its current price, which is just under $30,000.

“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,” the bank’s strategists said.

If more upside is ahead, investors have options besides just investing in bitcoin directly — instead of opting to invest directly in bitcoin, investors can pursue other options, such as exchange traded funds (ETFs) that target bitcoin futures as opposed to the cryptocurrency itself. For investors worried about security via online cryptocurrency exchanges, the ProShares Bitcoin ETF (BITO) offers the opportunity to invest with confidence in a traditional market exchange — in this case, the New York Stock Exchange.

The global investment firm also noted that it preferred cryptocurrencies as its go-to asset, rising above tangible assets such as real estate. It’s an interesting preference given that real estate has also risen amid higher demand and lower inventory, but the firm is high on the momentum of digital assets moving forward despite the recent weakness.

“The bank said in a note on Wednesday that cryptos had overtaken real estate as one of its preferred alternative assets — assets that don’t fall into typical categories, such as stocks and bonds,” Markets Insider noted.

According to the firm, the latest market sell-off impacted cryptocurrencies the most, allowing them to plummet to buyable levels where value can be had. As such, an impending rebound could be ahead as crypto prices recover.

“We thus replace real estate with digital assets as our preferred alternative asset class along with hedge funds,” JPMorgan noted.

For more news, information, and strategy, visit the Crypto Channel.