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Bitcoin Crash Not Over According to JPMorgan Analyst

According to Nikolaos Panigirtzoglou, an expert analyst at JPMorgan, Bitcoin’s medium-term value is between $24K to $36K. According to analysts at JPMorgan, after the worst-ever month for Bitcoin’s value in the past decade, the cryptocurrency value is going even lower in the short run. Weakened demand may bring Bitcoin’s value below $30K, according to what Nikolaos Panigirtzoglou mentioned in his most recent note to clients.

According to the cryptocurrency’s volatility ratio to that of gold, Panigirtzoglou predicted that Bitcoin will most likely go on to trade between $24K and $36K in the mid-term. JPMorgan still views a $145K price mark as a lasting “theoretical target” for Bitcoin’s value, supposing a convergence of the cryptocurrency’s volatility and allocation equalization to that of gold in stockholder portfolios.

He acknowledged that institutional investors seem hesitant to invest in the cryptocurrency following a significant cryptocurrency crash on the 19th of May. The sheer increase in volatility, relative to gold, in particular, serves as a hindrance to institutional adoption. This is because it adversely affects the appeal of virtual gold versus conventional gold in institutional portfolios.

JPMorgan pointed out that large financial institutions were dismissing Bitcoin in favor of gold since the cryptocurrency reached constant lows around $30K.

Peter Brandt, an experienced financial expert, and investor inquired on Monday whether Bitcoin’s value is to bounce anytime soon. At that time, Bitcoin was worth $36,638. The cryptocurrency has fallen around 37 percent over the past month or so. It still happens to be 286 percent up over the previous year.

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