JP Morgan Says Crypto Market Is Healing, Expects More Price Decline Before Capitulation

JP Morgan Says Crypto Market Is Healing, Expects More Price Decline Before Capitulation

News
10/08/2021 by Koinal
110
In the report prepared by the international investment organization JP Morgan, it was emphasized that the price of Bitcoin has not yet reached a healthy point. However, the market is in a recovery period.
JPMorgan Says Crypto Market Is Healing, Expects More Price Decline Before Capitulation

The assessment stated that the crypto money was recovering above the level of 30 thousand dollars. It was also commented that the increasing cost of Bitcoin production with the steps of China and the futures markets gave positive signals for a price increase.

According to JPMorgan, the anticipated sale of shares in a significant Bitcoin fund between June and July will be a new source of pressure on the world’s largest-volume cryptocurrency. While the downward trend in Bitcoin continues as a result of last month’s sales and price dynamics, according to the report written by JPMorgan strategist Nikolaos Panigirtzoglou, the downward trend in Bitcoin will continue due to the forecasts for the share sales of the market giant Grayscale Bitcoin Trust, a Bitcoin fund.

According to Bloomberg’s news, JPMorgan’s strategists said in a statement that despite this week’s recovery, they are reluctant to abandon their negative outlook for Bitcoin and the crypto market, and their signals are generally bearish.

Strategists also wrote that the fair value of Bitcoin, based on a comparison of its volatility to gold, is in the range of $23,000 to $35,000 over the medium term. However, Bitcoin has fallen below the critical $30,000 level after China’s moves to ban cryptocurrencies. Today, the currency has seen a total decrease of approximately 50 percent after the record level of $ 60,000 in April.

You can follow us and keep yourself updated on the latest developments. Koinal.io offers consumers a convenient method for purchasing Bitcoin and other cryptocurrencies. The Koinal online portal accepts bank credit cards and bank debit cards to make purchases. We provide a safe, secure, and efficient way to enter cryptocurrency ownership or expand your existing portfolio. So you can get started today- open a Koinal account and begin purchasing Bitcoin and other leading digital currencies.

Leave a Reply

avatar
  Subscribe  
Notify of