JPMorgan investment bank experts believe that the fall of the cryptocurrency market will stop soon, and then bitcoin and other assets will consolidate.
Analyst group leader Nikolaos Panigirtzoglou is confident that most traders with margin positions have already been thrown out of the market. The capitalization of the cryptocurrency industry has lost almost $2 trillion from the record of November last year and now the figure has fallen below $1 trillion. Therefore, it can be assumed that the stage of deleveraging is already coming to an end.
“The current cycle is unlikely to drag on, given that cryptocurrency companies with large reserves of funds are already starting to reinvest. This will hold back the falls. Venture capital companies also took a good pace of investment in the industry in May and June,” JPMorgan experts say.
Fundstrat analyst Mark Newton is not convinced that bitcoin is already on the threshold of the bottom. In his opinion, in the short term, the rate of the first cryptocurrency may well fall to $13,000. True, this level will already be the entry point for medium-term investors.
Recall that just over a week ago, JPMorgan analysts spoke about the possible growth of the cryptocurrency market.