Analysts of the American bank JPMorgan believe that bitcoin is overvalued and should cost about 13% cheaper, RBC Crypto reports with reference to Bloomberg Quint. In their opinion, now too many investors hold long positions in BTC, that is, they are playing to strengthen it.
However, some of these positions were closed during the exchange rate correction that began in September. During the month, Bitcoin fell from $ 12,000 to $ 10,000, but then won back some of the losses and is now worth $ 11,300. In part, the strengthening of BTC is due to the high interest in it from large companies and corporations. JPMorgan analysts cited payment company Square, founded by Twitter creator Jack Dorsey, and MicroStrategy as examples. Since August, they have invested $ 50 million and $ 450 million in BTC, respectively.
However, many experts are of the opinion that bitcoin, on the contrary, is undervalued. At the end of September, Bloomberg analyst Mike McGlone suggested that 1 BTC should be worth about $ 15 thousand. The expert is sure that two factors speak in favor of the underestimation: an increase in the hash rate in the BTC network and a growing number of users.