JPMorgan: bitcoin on a significant rise, cryptos preferred alternative asset

© Reuters – JPMorgan (NYSE:) sees a “significant rise” in the price of . The global investment bank’s price target for the cryptocurrency is 28% higher than its current price. JPMorgan also replaced real estate with cryptocurrencies as its “preferred alternative asset class along with hedge funds.”

The bank’s strategists wrote that their price target for bitcoin remains at $38,000, “implying a significant rise in digital assets from here.” BTC is currently trading around $29,600

“Last month’s crypto market correction looks more like a capitulation from last January/February and looking ahead, we see an upside for bitcoin and crypto markets more generally.”

While the investment bank’s price target for bitcoin is $38K, its strategists said their theoretical long-term price target for the cryptocurrency is $150K.

JPMorgan explained that the recent market downturn has hurt cryptocurrencies more than other alternative investments, including real estate.

Strategists noted that while the dramatic collapse of (LUNA) and (UST) has weakened sentiment among many crypto investors, there have been few signs so far that venture capital funding in the crypto sector crypto is slowing down.

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