JPMorgan Predicts Bitcoin Crash is NOT over

JPMorgan Chase experts have predicted that the value of Bitcoin may fall lower over the mid-term. JPMorgan strategists headed by Nikolaos Panigirtzoglou stated in a note reported by Bloomberg that it is still likely going to take price plummets to the 25K USD value before longer-term drive signalled relinquishment. This gave Bitcoin an objective value between 23K USD and 35K USD over the mid-term, on the basis of a comparison made on its volatility against gold.

While JPMorgan has assigned Bitcoin a theoretical value of 140K on the basis of the convergence of Bitcoin's volatility compared to gold, the cryptocurrency is around six times as prone to volatility as gold, granting it a middling value of 23K USD, or one-sixth of 140K USD.

The analysts wrote that in spite of this current week’s correction, they are still hesitant to drop their negative outlooks for Bitcoin as well as cryptocurrency markets in general. They also added that although there have been a few improvements, their signals continue to be bearish overall.

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