As time passes, cryptocurrencies become a trend due to the use that they can give to them. Can use it to pay for goods and services from most countries as some prohibit their use. However, bitcoin can bring many advantages, and it is what its users take advantage of.
Bitcoin is a currency that can use to pay to use as a form of savings. Also, to make a good saving option, the idea is to keep going up.
What happened to bitcoin?
JP Morgan made the following remarks regarding bitcoin at the beginning of April:
- The abrupt changes of this cryptocurrency have caused the instructions to be scared away.
- The volatility of the cryptocurrency had a drop of 86% compared to 90% in February.
- The bank does not hide the possibility that bitcoin displaces gold in case of volatility subsides.
While it is true, bitcoin is the most important cryptocurrency in the world, and millions of people trust it. However, like the other cryptocurrencies, this one has also had its ups and downs. Nikolaos Panigirtzoglou has repeatedly witnessed how bitcoin has had a negative price.
When that has happened, buyers have returned in time to avoid further inconvenience because of it. However, the strategist JPMorgan Chase & Co has had some concerns regarding this issue for this occasion.
What’s going on? Bitcoin has been for several years now the most crucial cryptocurrency internationally. But if this cryptocurrency cannot exceed $ 60,000 again, its momentum could be affected.
Several strategists have written this statement, and the author of this sent note has been Panigirtzoglou. For these strategists, the traders who serve advisers to the commodity trade and the cryptocurrency fund are likely to have some relationship.
And they are behind the long accumulations related to the future of bitcoin prices and its sale. Likewise, they have also pointed out that the markets of the future bitcoin have gone through a sharp liquidation in the month of February.
In November of last year, there were also some changes. And as a consequence, some signs determine a decline in its price for several months after this. These cases have been prominent examples of how bitcoin has had strong momentum in its flow, exceeding critical thresholds.
Said JP Morgan, who is aware of a possible repetition of what has happened in the previous months. However, this probability is lower due to the decline in momentum that has been more advanced, and consequently, it is more difficult to reverse.
Likewise, strategists have also added that bitcoin flow funds look a bit weak.
Bitcoin has been up to $ 64,870 once Coinbase Global Inc’s IPO took place on the Nasdaq. However, it has fallen back to $ 55,000, but this cryptocurrency’s advance has had of 90% during this year is maintained.
What will happen to bitcoin?
JP Morgan strategists warn that if bitcoin does not exceed $ 60,000 again, it may have a drop in its levels as it happened in the past months.
In February, JP Morgan pointed out that the price of bitcoin was unsustainable due to its volatility. Likewise, he also announced that for this currency to be sustainable, the cost of bitcoin had to moderate quickly.
The bitcoin mark until a few months ago was $ 50,000, reaching its historic high of $ 51,300. This was a growing acceptance of the asset, or at least it was for traditional investors and companies.
Bitcoin has peaked at $ 60,000, which means that it has doubled in price so far this year. But this has not been enough for the experts on this subject.
For example, for JP Morgan, this cryptocurrency could even reach the figure of $ 130,000 in the long term if its volatility continues to decrease.
Likewise, the bank’s analysts have had their opinion and think that bitcoin’s high volatility has happened since it was used as an investment asset. This, therefore, goes against the currency so that it can be seen as institutional adoption.
Experts keep an eye out for bitcoin volatility.
Investors and institutions keep abreast of the changes that may occur around this cryptocurrency. And in this way to determine if JP Morgan has been correct with its notes.