JPMorgan (NYSE:) has placed Bitcoin’s (BTCAccording to the note that was issued by the bank to its clients Wednesday, the fair price of $38,000 is 28% more than its current level at $29,500. “The past month’s crypto market correction looks more like capitulation relative to last January/February and going forward we see upside for and crypto markets more generally,” the note said. Nikolaos Panigirtzoglou, a bank strategist, was the principal author.

A bank investors’ note placed Bitcoin’s fair valueThe same price in February. At that point, it was worth $43,000.