JPMorgan’s Strategist Predicts That Bitcoin May Struggle to Grow Higher
Nikolaos Panigirtzoglou, the strategist of JPMorgan, believes there are little chances for Bitcoin to continue its skyrocketing growth in the nearest future. He made this conclusion based on the massive liquidation of the Bitcoin futures worth of $10 billions. Panigirtzoglou recalls the similar situations from the previous year that ended up with the downtrends.
However, he also assumes that the scenario of Bitcoin’s further growth is possible if its price will go above the level of $60,000 soon. If Bitcoin wouldn’t be able to make it, he sees the deeper correction of the first world’s cryptocurrency during the next months.
Moreover, if this happens again, this time Bitcoin may struggle to bounce back because of the weakening of the impulse traders’ positions. The big flow of investment helped Bitcoin in such cases before but now it doesn’t seem to be as active as before. This is the opinion of JPMorgan’s strategist who once doubted that Bitcoin will make it above $50,000 and was wrong but definitely it’s worth consideration.