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JPMorgan Chase Analyst Predicted Bitcoin Will Retreat To $26K In The Short Term
Summary: Nikolaos Panigirtzoglou, JP Morgan strategist and digital asset expert issued a report stating that before starting a new rise, Bitcoin needs to withdraw to $26,000 to show that the retail market is suppressed. The analyst believes that the current fair value of Bitcoin is between $24,000 and $36,000. The boom and bust dynamics of the ...
Nikolaos Panigirtzoglou, JP Morgan strategist and digital asset expert issued a report stating that before starting a new rise, Bitcoin needs to withdraw to $26,000 to show that the retail market is suppressed.
The analyst believes that the current fair value of Bitcoin is between $24,000 and $36,000. The boom and bust dynamics of the past few weeks represent a setback in the cryptocurrency market, especially Bitcoin and Ethereum institutional adoption.
According to the report, the increase in volatility, especially relative to gold, is a barrier to further institutional adoption because Bitcoin reduces the attractiveness of "digital gold" in institutional investment portfolios compared to traditional gold.
By Mary Liu
Tags: Bitcoin,Gold,JPMorgan Chase
Link: JPMorgan Chase Analyst Predicted Bitcoin Will Retreat To $26K In The Short Term [Copy]
