THELOGICALINDIAN - JPMorgan Chase has appear an broker agenda advertence that the cryptocurrency bazaar appears to be alpha the action of healing In the abbreviate appellation about the JPMorgan analysts apprehend added selloffs afore capitulation
JPMorgan’s Crypto Market Outlook
JPMorgan Chase’s analysts, including Josh Younger and Veronica Mejia Bustamante, wrote about the angle of the cryptocurrency bazaar in a agenda appear Friday.
They explained that the near-term angle for the crypto bazaar is “challenging,” acquainted that blockchain abstracts suggests contempo cryptocurrency sell-offs were fabricated to awning losses. “There is acceptable still an overhang of underwater positions which charge to be austere through the market,” they detailed.
The analysts additionally warned of the achievability of added assembly costs of BTC as China’s crackdown pushes bitcoin mining abroad. Nonetheless, the JPMorgan analysts see adherence in the bitcoin futures bazaar as a absolute factor. They concluded:
Last week, a altered JPMorgan analyst, Nikolaos Panigirtzoglou, wrote that admitting the contempo correction, “we are afraid to carelessness our abrogating angle for bitcoin and crypto markets added generally.” He emphasized, “Despite some improvement, our signals abide all-embracing bearish.”
Panigirtzoglou added that bitcoin’s fair value, acquired from comparing its animation to gold, is in a ambit of $23,000 to $35,000 in the average term. He elaborated:
What do you anticipate about the comments by JPMorgan’s analysts? Let us apperceive in the comments area below.
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