Bitcoin prices have sunk by about 70% since January 1, and the selloff has continued in recent days, with prices off about two-thirds from their December peak. Bitcoin prices have sunk by about 70% since January 1, and the selloff has continued in recent days, with prices off about two-thirds from their December peak. JP Morgan Chase & Co. strategist Tom Kendall says the decline has further to go, and that the selloff isn’t over, citing the potential for a “double-dip” in bitcoin prices.
Josh Brown, the chief investment officer of Ritholtz Wealth Management, predicted in a note published yesterday that bitcoin will rebound from the recent $3,000 slump to reach $7,500 by year-end.
Bitcoin has fallen almost 20% in just one week, and it’s not done yet. Wall Street strategist Stephen Innes of JPMorgan says the cryptocurrency is down to its long-term support levels, but he says it still has a way to go before bottoming out.. Read more about will cryptocurrency crash and let us know what you think.
After the worst May for the price of bitcoin (BTC) in 10 years, the largest cryptocurrency will fall further in the near term, analysts at JPMorgan say. Weakening institutional demand will likely push the price of bitcoin below $30,000, Nikolaos Panigirtzoglu, strategist and bitcoin expert at JPMorgan, wrote in a recent research note to clients. Based on bitcoin’s volatility ratio to gold, a JPMorgan analyst predicts that bitcoin will continue to trade in a range of $24,000 to $36,000 over the medium term. The real value of bitcoin, based on a bitcoin-gold volatility ratio of about x4, would be 1/4 of $145k, or $36k. The real value of bitcoin, based on the current bitcoin-gold volatility ratio of about x6, would be 1/6 of $145,000, or $24,000. In the medium term, we see fair value between $24 and $36, the note said. Panigirtzoglu said JPMorgan still sees the $145,000 mark as a theoretical long-term target for the BTC price, suggesting that bitcoin’s volatility is approaching that of gold and that bitcoin’s share of investors’ portfolios is catching up with gold. The price of bitcoin is $145,000, which would put it on par with private gold holdings for investment purposes, which currently stand at about $2.7 trillion. Needless to say, a complete convergence or equalization of volatilities or distributions is unlikely in the near future, writes the strategist, who adds: The longer-term signal remains problematic because it has not yet become short. It will take a drop to the $26,000 level before long-term momentum signals a capitulation. Panigirtzoglu noted that institutional investors have been looking for a way to invest in cryptocurrencies after the great cryptocurrency crash of the 19th. May seem reluctant to buy the business. We note that the rise in volatility itself, especially relative to gold, is a barrier to further institutional adoption as it reduces the attractiveness of digital gold relative to traditional gold in institutional portfolios, the strategist said. JPMorgan had previously speculated that large institutional investors were dumping BTC in favor of gold when bitcoin hit a five-month low of $30,000. Peter Brandt, an experienced financial analyst and trader, wondered on Monday if the price of bitcoin could rise again in the near future. Currently, bitcoin is trading at $36,638, down about 1 percent in the past 24 hours, according to CoinGecko. The cryptocurrency has lost about 37% in the past 30 days, but has gained 286% in the past year.Digital currencies have been on a tear this year, with the bitcoin price soaring from less than $1,000 at the start of the year to above $7,000 at the end of the year. The price of bitcoin, the largest of the digital currencies, has plummeted in the past three weeks, from more than $7,000 to below $6,000, amid warnings that regulatory scrutiny of digital currencies could undermine their value.. Read more about when was bitcoin at its lowest and let us know what you think.
will cryptocurrency crashwhy did bitcoin spikefuture of cryptocurrency 2021when was bitcoin at its lowest,People also search for,Privacy settings,How Search works,will cryptocurrency crash,why did bitcoin spike,future of cryptocurrency 2021,when was bitcoin at its lowest