Bitcoin’s recent slide has left the digital token well below its fair price, giving the cryptocurrency “significant upside” now, JPMorgan Chase said in a research note this week.

The bank said bitcoin was undervalued by 28%, and put its price target for the coin, which was trading at just above $29,600 on Thursday afternoon, at $38,000 according to Markets Insider. Bitcoin fell below $26,000 earlier this month for the first time since December 2020, just as stock markets have been similarly pummeled — largely due to inflation fears.

“The past month’s crypto market correction looks more like capitulation relative to last January/February, and going forward, we see upside for Bitcoin and crypto markets more generally,” strategist Nikolaos Panigirtzoglou wrote on Wednesday.

JPMorgan’s positive outlook is notable because CEO Jamie Dimon is a longtime cryptocurrency skeptic. Dimon has said that he “personally think[s] that bitcoin is worthless,” though he has acknowledged that many of his clients feel differently.

“I’m not a bitcoin supporter. I don’t care about bitcoin. I have no interest in it,” he said last year. “On the other hand, clients are interested, and I don’t tell clients what to do.”