JPMorgan Says Crypto Market Healing Expect Another Price Drop Before Surrender – Markets And Prices Bitcoin News

JPMorgan Chase released an investor note that the cryptocurrency market “appears to be beginning the healing process”. In the short term, however, JPMorgan analysts expect further sell-offs ahead of surrender.

JPMorgan’s Crypto Market Outlook

JPMorgan Chase analysts, including Josh Younger and Veronica Mejia Bustamante, wrote about the prospects for the cryptocurrency market in a note released on Friday.

They stated that the near-term outlook for the crypto market was “challenging”, noting that blockchain data suggests that recent cryptocurrency sell-offs were made to cover losses. “There is probably still an overhang of underwater positions that need to be cleared above the market,” they stated.

The analysts also warned of the possibility of increased BTC production costs as China’s crackdown drives Bitcoin mining overseas. Still, JPMorgan analysts see the stability of the Bitcoin futures market as a positive factor. They came to the conclusion:

The cryptocurrency market is showing signs that it is not yet healthy, [but] it also seems to begin the healing process.

Last week, another JPMorgan analyst, Nikolaos Panigirtzoglou, wrote that “despite the recent correction, we are reluctant to give up our negative outlook for bitcoin and crypto markets in general”. He emphasized: “Despite some improvements, our signals remain bearish overall.”

Panigirtzoglou added that Bitcoin’s fair value, as determined by comparing its volatility to gold, is in a range of $ 23,000 to $ 35,000 over the medium term. He stated:

It would still require price declines to the $ 25,000 mark before longer-term momentum signaled surrender.

What do you think of the comments made by JPMorgan analysts? Let us know in the comment section below.

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