In the world of digital currencies, Bitcoin has always been the focus of much attention. Recently, the strategist team of JPMorgan Chase gave a striking price prediction: the fair price of Bitcoin is $38,000. This news has sparked widespread discussion and speculation. In the following article, we will delve into the various factors behind the price of Bitcoin and reveal its true value.

Bitcoin, as the first widely accepted cryptocurrency, has always attracted much attention. Its price fluctuates violently, constantly breaking historical records, and has become the focus of attention of many investors and financial institutions. And when the strategist team of JPMorgan Chase gave a fair price of $38,000, it undoubtedly set off a heated discussion in the market. How did this number come about? Let's unveil the mystery of Bitcoin's price together.

First of all, to understand the logic behind Bitcoin's price, we need to start with the characteristics of Bitcoin itself. Bitcoin is a decentralized digital currency with a limited supply, which means it is scarce. Scarcity is one of the important factors in price formation, and with the increasing demand for Bitcoin worldwide, its price will naturally rise. This supply and demand relationship is the basis for supporting Bitcoin's price.

In addition, the policy and regulatory environment also have an important impact on the price of Bitcoin. In recent years, governments have increasingly tightened their regulatory policies on digital currencies, and some countries have even begun to issue their own digital currencies. This change in the regulatory environment not only affects the legal status of Bitcoin, but also directly affects its price trend. In this context, the price volatility of Bitcoin has increased, and investors have become more cautious about its future trend.

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

Bitcoin has rebounded slightly recently, standing back above $40,000, but JP Morgan's strategist team pointed out that based on its volatility relative to gold, the fair price of Bitcoin should be around $38,000.

Bloomberg reported that JPMorgan's strategist team led by Nikolaos
Panigirtzoglou pointed out in a report on Tuesday (8th) that based on the volatility of Bitcoin being about 4 times that of gold, they calculated the fair price level of Bitcoin to be about $38,000.

The JPMorgan team estimates that if the volatility difference is reduced to 3 times, the fair price of Bitcoin will rise to $50,000. According to CoinDesk data, as of around 2:20 p.m. Beijing time today, Bitcoin fell 3.77% in 24 hours, temporarily reporting $43,676.44.

JPMorgan strategists pointed out that the biggest challenge facing Bitcoin in the future is its volatility and the boom and bust cycle that hinders further institutional adoption.

Panigirtzoglou pointed out that in the long term, when the market value of Bitcoin is equal to the market value of privately held investment gold, its price can stand at $150,000.

Strategists also said that compared with the 50% plunge in May last year, Bitcoin's price correction in January this year did not look like capitulation, but indicators such as futures open interest and exchange reserves are now beginning to point to a longer-term and worrying trend of contraction.

Secondly, Bitcoin's market performance is also one of the important factors affecting its price. As the Bitcoin market continues to grow and develop, more and more institutional and individual investors have joined in, the liquidity of the market has been improved, and price fluctuations have been relatively reduced. At the same time, the attributes of Bitcoin as a safe-haven asset have gradually become prominent, especially in the context of global economic turmoil, investors' demand for Bitcoin has further increased, which has also provided support for its price.