As Bitcoin (BTC) price failed to hold its breath above the $35,000 yesterday, JPMorgan (NYSE:JPM) expects an overall bearish movement below the critical price level based on the BTC-to-gold volatility ratio.
In a note sent to investors on Wednesday, JPMorgan detailed its reasoning to see the fair value of Bitcoin between $23,000–$35,000 over the medium term. The banking giant previously pictured a $140,000 roadmap if the biggest cryptocurrency matches gold’s allocation and volatility profile.