Amid bearish sentiments prevailing in the market, Nikolaos Panigirtzoglou and other strategists of the leading investment bank JPMorgan said in a note that BTC is likely to go up after the recent fall.
Related: JPMorgan Slashed Down Its Long-term BTC Price Prediction to $38 K
They predicted the rise of the coin to $38,000, about a 29% increase of Bitcoin's current trading level of $29,100. According to the analysts, the present crypto decline is more like capitulation relative to last January/February. They predict further increases for BTC and the crypto sector in general.
Moreover, JPMorgan says that crypros have passed real estate as one of preferred asset classes as they don't fall into common categories like stocks and bonds, and the mortgage rates increase essentially.
In 2022 cryptos have fallen as a result of inflation, interest rates, Russia-Ukrainian war, and slowdown in China. The sell-off hit the crypto sector harder than other investment options like private equity, debt, and immovables, because of their risky nature. For this reason, there is more space for cryptos to rise, the bank wrote.
The total crypto market capitalisation stands at above $1.2 T. The BTC price is about $29,100 and Ether trades at about $1,800.