By 
By Samuel Indyk
Investing.com – Bitcoin was trading broadly unchanged on Wednesday morning as the apex cryptocurrency again found resistance at $45,000 before paring back slightly.
Focus has been on a recent research note from JPMorgan (NYSE:JPM), whose strategists said Bitcoin’s fair value is around $38,000 based on Bitcoin being about four times as volatile as gold. A fair value of $38,000 is roughly 13% below the current value of Bitcoin.
JPM said that if the volatility of Bitcoin narrowed to just three times, then the fair value of Bitcoin would rise to $50,000.
However, the strategists said that their long term theoretical target for Bitcoin sits at $150,000, based on its total market value being on par with that of all gold held privately for investment reasons.
In the short term, Bitcoin is likely to keep finding resistance at $45,000. A move above there could open the door to both the 200- and 100-day moving averages, which both stand around $49,300.
To the downside, initial support is seen at the 50-day moving average at $42,660. A move below that threshold would open the door to a test of the psychological $40,000 threshold.
Bitcoin steady as JPM estimates fair value at $38,000
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