Banking giant JPMorgan stated that Bitcoin is currently undervalued.
The bank’s research team argued that the leading cryptocurrency should currently sit around $38,000.
The largest bank in the USA also stated that crypto money investment is preferred over real estate investment.
JPMorgan Chase’s head of global markets, Troy Rohrbaugh, said in March that the bank will act with customers when it comes to crypto.
Global market strategist Nikolaos Panigirtzoglou noted that the market experienced capitulation last month. JPMorgan analysts also painted an optimistic picture for Bitcoin and the cryptocurrency market.
Bitcoin recently set a new record by closing eight consecutive weeks with a red candle. The asset is trading at $29,604 at the time of writing, according to Binance data.
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