JPMorgan analyst Nikolaos Panigirtzoglou did not rule out further downside for Bitcoin’s price, Yahoo Finance reports.<\/p>\n
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\n\u201cEarlier we stated that Bitcoin’s inability to clear the $60,000 barrier would automatically lead to a bearish impulse and trigger further position closures. This, likely, became a significant driver of last week’s correction, prompting trading advisers and momentum-following investors to trim positions,\u201d he said.<\/p>\n<\/blockquote>\n
In the mid-term, Panigirtzoglou believes that Bitcoin’s fundamental value lies in the range of $24,000-$36,000. He also expressed the view that May’s market crash significantly weakened institutional demand, leaving BTC price unable to recover to previous levels.<\/p>\n
\n\u201cThere is no doubt that the recent boom-and-bust cycle serves as a barrier to institutional adoption of cryptocurrency markets and, in particular, Bitcoin and Ethereum,\u201d the expert explained. \u201cA simple rise in volatility, especially relative to gold, represents a barrier to institutional adoption. It reduces the appeal of digital gold relative to traditional gold.\u201d<\/p>\n<\/blockquote>\n
As reported, JPMorgan chief Jamie Dimon urged<\/a> investors to stay away from cryptocurrencies.<\/p>\n