In other words, other institutions pumped the price of Bitcoin to levels JPMorgan doesn't feel comfortable averaging in. I like that.
Intrinsic value is in the mind of the beholder, and can be subject to change depending on the condition of the market. An overbought market today is tomorrow's missed opportunity. Get on board or cry yourself to sleep. With how there are plenty of platforms to short Bitcoin, you can actually put your money where your mouth is and short it, or else, gtfo.