BITCOIN is on the verge of a rally that experts say could skyrocket its value.
Experts at JPMorgan Chase claim there is “significant upside potential” that could reverse Bitcoin’s fortunes following the recent crashes.
Bitcoin’s value is already up 15% since hitting one of its lows in May this year.
At the time of writing, one bitcoin is valued at $30,655 (£24,242).
Last week, JPMorgan strategists told investors that $38,000 ($30,048) is a fair price for Bitcoin right now.
That’s a 25% increase from the cryptocurrency’s value today.
JPMorgan’s note to investors states, “The crypto market correction over the past month is looking more like a capitulation compared to last January/February, and going forward we see upside potential for the bitcoin and crypto markets overall.”
Another key part of the announcement read, “We are thus replacing real estate with digital assets as our preferred alternative asset class along with hedge funds.”
This means that the experts think that cryptocurrency is a better asset than a house right now if you want to invest in something.
Just like Bitcoin’s value, opinions about cryptocurrency can change quickly.
Last year, JPMorgan CEO Jamie Dimon said at the Wall Street Journal’s CEO Council summit, “I’m not a bitcoin believer. I am not interested in bitcoin. I have no interest in it.”
Goldman Sachs previously hinted that Bitcoin could reach a staggering $100,000 (£74,000) this year.
That has not been the fate of cryptocurrency so far.
Bitcoin was trading at $69,000 (£54,582) in November 2021 and has not reached that high again this year.
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https://www.the-sun.com/tech/5451894/bitcoin-price-predicted-to-rocket-invest-replace-real-estate/ Bitcoin price is expected to skyrocket, replacing owning a home as the most important asset, experts claim