JPMorgan Chase, an American multinational investment bank, is not yet convinced that Bitcoin will reach $100,000 before the end of this year. However, the bank remains bullish that the flagship crypto will increase two-fold from the current $40,000 levels.
In a recent client survey, just 5% strongly believe that Bitcoin will reach $100,000 by year-end, with 9% foreseeing the flagship crypto breaking previous all-time highs to trade over $80,000.
JPMorgan Chase bank is renowned for its wealthy-client portfolio. In that case, the news that only 14% anticipate a two-fold increase in Bitcoin is not the fireworks the crypto market should enjoy.
However, the survey results are generally positive, with at least 55% of clients foreseeing Bitcoin trading above $60,000 by the end of this year. Only one-quarter of clients anticipated Bitcoin prices to slide below current $40,000 levels.
While commenting about the survey results, Nikolaos Panigirtzoglou, an author and Managing Director for JPMorgan London, said:
“I’m not surprised by Bitcoin bearishness. Our Bitcoin-position indicator based on Bitcoin futures looks oversold. The coin’s fair value is between $35,000 and $73,000, depending on what investors assume about its volatility ratio versus gold.”
The American multinational investment bank, which now holds more than $2.6 trillion assets under management (AUM), is increasingly indulging in the crypto industry.
In 2019, JPMorgan Chase successfully launched its JPM crypto coin. Since then, the bank has continued accelerating crypto awareness campaigns, with the bank even launching crypto education to its customers and clients about the merits and demerits of Bitcoin in July last year.
Interestingly, JPMorgan CEO Jamie Dimon, renowned for his hostile stance on Bitcoin, softened his stance on the flagship crypto in September last year. At the time, Dimon anticipated Bitcoin could be worth ten times in a matter of five years, although he remained skeptical about buying any.
Nonetheless, Dimon’s peers such as billionaire Ray Dalio and Bill Miller remain bullish on Bitcoin, with the two recently recommending 1% to 50% allocation to one’s portfolio.