The report released by Needham & Company, an investment bank and asset management company, showed that bitcoin has been undervalued by more than $200, nearly 58% based on the current price. The Needham report priced bitcoin at $655, compared to the current price of about $412. In addition, the report advised investors to purchase shares in the Bitcoin investment Trust (GBTC), which is an investment vehicle that enables investors to invest directly in bitcoin.

Spencer Bogart, the creator of Needham's report and equity research assistant, said CoinDesk, that bitcoin is valuable as both a payments platform as well as a digital gold. The figures in the report said that presently, exchange-traded funds (ETFs) across the globe maintain a gold reserve valued at $74 billion. The market cap of bitcoin totalled $6.3 billion, out of which $4.8 billion includes money from investment strategies, according to Bogart.

In June 2015, Wedbush, an investment company, anticipated the value of bitcoin to improve to $600 in the next 12-month period. While Needham priced GBTC at $62, Wedbush valued the instrument vehicle at $60 per share. The vast difference between bitcoin's current value and Needham's valuation of bitocin was due to the growing attractiveness of non-bitcoin blockchains. Bogart said.

Recently, the Depository Trust & Clearing Corporation announced its intention to construct a blockchain along with Digital Asset Holdings. However, Bogart believes that bitcoin will be the core of safety for all blockchains. According to the report, Bitcoin Investment Trust, which was formed by Barry Silbert in the middle of 2015, wants at least $25k as an investment.

According to NEWSBTC, the price of bitcoin has been ramping up currently, trending above an increasing channel on one-hour time limit. Presently, the price is testing the channel back up close to $410 and it is expected to reach its peak at $430. Technical indicators suggest that the cards will continue to gain. The price of bitcoin might resume its height if additional bulls come into action.

StreetInsider said that Needham & Company reduced its rating for Micron Technology stock to "underperform" from "hold" since earnings declined in the recent period. Rajvindra Gill, an analyst at Needham & Company, "We downgrade MU to Underperform (from Hold) and reduce our ests heading into Wed night's earnings call. We continue to see a weak PC market adversely affecting DRAM pricing, and checks pointing to vulnerabilities in mobile DRAM. We believe a similar dynamic could be developing in NAND." He added that the brokerage firm expects NG EPS for FY16 and FY17 to be $0.30 and $0.75 respectively. Micron shares ended Monday's trading session at $10.38.

Bitcoin's price rally signifies that more investors are attracted by the bear market over the recent period. Investors continue pouring their money into the market, despite the volatility in the global market.