The departure of the bitcoin price below $ 30,000 could return the interest of institutional investors to the first cryptocurrency. This view was shared by JPMorgan strategist Nikolaos Panigirtzoglu in an interview with Markets Insider.
The publication noted that there are opposite opinions on the market. In particular, a senior analyst at Oanda believes the $ 30,000 breakout will lead to stronger sales.
Panigirtzoglu said that he does not yet observe the desire of the funds to “buy out drawdowns”. He sees the risks of a continuation of the bear market for several months. Institutionals were attracted by Bitcoin’s uptrend this year, but the sharp rise subsequently led to a “repelling effect,” the strategist added.
According to the expert, the return of demand from institutional investors will be indicated by the return of contango in the futures market and an increase in the bitcoin dominance index.
Earlier, JPMorgan named signs of continued negative dynamics in the price of the first cryptocurrency in the future.
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