Quote from: Fortify on November 17, 2021, 07:06:22 PM

Quote from: Blawpaw on November 04, 2021, 12:53:27 PM

JP Morgan analysts say bitcoin's most probable price outcome is to never hit 100k as it is terribly overpriced. JPMorgan Chase & Co. strategists recently released a report where they mention that Bitcoins's price is overpriced and for it to hit the 100k mark it would need to have volatility decreased. They point out that Bitcoin is now being traded above 60k but the true price for Bitcoin should be $35k.

What do you guys think about this?

Honestly, a lot of analysts including these big name banks are as absolutely clueless as the rest of us when it comes to predicting the trend or direction of bitcoin over any period of time. It has proven that it is nothing like a company, where they can evaluate all sorts of information like margins, profits, new products, etc. and it is more like a commodity that is moving wildly but has great universal demand. It's also worth noting that these very banks are late to the part in many cases, so it would highly benefit them to be able to stock up on Bitcoin at lower costs to push it back on to their very high net worth clients who are probably seeking exposure to crypto a lot at the moment.

A while ago it came to light that the recommendations banks publish on a daily basis actually exactly plays into the strategy of their own portfolio. So if JP Morgan goes short on Bitcoin because they want to speculate on falling prices (doesn't mean they don't believe in Bitcoin long-term), their agenda is crystal clear right? They are going to tell the people this thing is overpriced. And then when they cash out on their short position, they'll probably let everyone know that it is soon time for another bull run.