The strategist of the JPMorgan financial holding Nikolaos Panigirtzoglu did not rule out a further decrease in the price of the first cryptocurrency, writes Yahoo Finance.
“We have previously argued that the failure of Bitcoin to overcome the $ 60,000 barrier will automatically lead to bearish momentum and further close positions. This, probably, became a significant driver of the correction of the last week, prompting consultants on exchange trading and following the impulse of investors to cut their positions, ”the expert noted.
In the context of the medium term, Panigirtzoglu is confident that the fundamentally justified value of bitcoin is in the range of $ 24,000- $ 36,000. He also expressed the opinion that the market collapse in May greatly weakened institutional demand, which is why the price of BTC will not recover to its former levels.
“There is no doubt that the recent boom and bust dynamics is an obstacle to institutional acceptance of the cryptocurrency markets and, in particular, Bitcoin and Ethereum,” the expert explained. – A simple rise in volatility, especially in relation to gold, presents a barrier to institutional adoption. It makes digital gold less attractive than traditional gold. ”
We will remind, the head of JPMorgan Jamie Dimon urged investors to stay away from cryptocurrencies.
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