Bitcoin (BTC) has gained over $3,000 in the last 24 hours as the flagship cryptocurrency experienced an upward rally. Amid this bullish movement, the asset has received an institutional endorsement that could trigger a further price uptick. According to a report, JPMorgan, the biggest bank in the U.S., has stated that the coin is undervalued, predicting a rise to $165,000.

JPMorgan says Bitcoin is undervalued compared to gold

The assessment of Bitcoin’s value by JPMorgan’s analysts comes as they benchmarked BTC against gold. The valuation could have been based on price-to-market size, investment inflows or volatility. The global financial giant insists that the current price of Bitcoin is too low relative to gold’s market value.

JUST IN: JPMorgan says Bitcoin is "undervalued" compared to gold

That is, if Bitcoin were valued like gold on the broader financial market, it would be higher than that of the precious metal. JPMorgan sees upside potential for BTC, and this kind of statement is capable of triggering bullish sentiment on the crypto market.

As per JPMorgan’s estimation, Bitcoin price could reach $165,000 per coin on a volatility-adjusted basis, relative to gold. It relies on the analysis of ongoing "debasement trade," which is pushing investors toward assets like gold and Bitcoin as a store of value.

The $165,000 forecast assumes that Bitcoin will continue with its current upward momentum and inflows into BTC exchange-traded funds (ETFs). Regardless of the conditions, the prediction has sparked an uptick in the price of the asset.

As of press time, Bitcoin exchanged hands at $119,288.53, which marked a 2.36% increase in the last 24 hours. It previously hit a peak of $119,453.67, signaling potential for more upside. The trading volume has also climbed by 6.68% to $67.76 billion.

It is likely that if Bitcoin bulls support the current momentum, the asset will flip $120,000 and begin its journey toward its all-time high (ATH). It is worth mentioning that the current ATH of $124,457, which was set on Aug. 13, is less than 5% away.

Beyond JPMorgan, Bitcoin validation is viral

Interestingly, JPMorgan is not the only one bullish about Bitcoin’s price. In a recent analysis, CryptoQuant suggested that the asset could break out to $150,000. 

The analytics platform based its projection on the increased minting of fresh stablecoins in the last 60 days. According to available data, 10 billion USDT have been added to the market, signaling increased liquidity.  

Similarly, Pavel Durov, Telegram CEO, has predicted that Bitcoin could hit seven figures based on scarcity. He maintained that the rate at which governments are printing fiat currency means inflation is inevitable, and this will increase the value of BTC to $1,000,000.

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