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JP Morgan: Bitcoin's recent drop in price will produce 'significant growth'

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Bitcoin (BTC) lost key support levels over the past 24 hours amid weakening sentiment.

According to JPMorgan Chase, Bitcoin's recent drop made BTC lower than fair price its, gives BTC “significant increase” Future.

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At the price of $28,948, Bitcoin lower than 28% based on the fair value offered by the bank. JP Morgan thinks Bitcoin's fair value is at 38.000

Despite the recent market drop that sent Bitcoin back into the $28.000 range, the bank maintains a positive outlook.

JP Morgan strategist Nikolaos Panigirtzoglou points out: “The last month’s crypto market correction looks more like speculation than last January/February and going forward we see bullishness for the Bitcoin and crypto markets in general.”

Bitcoin (BTC) has lost key support levels in the past 24 hours in the past, leading to a liquidation of about 383 million dollars, according to data by Coinglass.

Bitcoin price fell despite the favorable performance of US stock indexes on Wednesday. After the release of the minutes of the US Federal Reserve meetings conducted on May 3 and 4, stocks rose slightly. 

According to the minutes, the agency is willing to be flexible with policies to increase interest rates and tighten monetary policy. The markets are concerned that the Fed will take a tough interest rate hike stance, which Jerome Powell, Chairman of the Federal Reserve, has stated earlier.

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