JPMorgan Predicts When The Bitcoin Bear Market Will Be Over – Markets And Prices Bitcoin News

Global investment bank JPMorgan has predicted that the Bitcoin price decline will likely be over when cryptocurrency dominance rises above 50% again. “I think that’s another indicator to watch here as to whether this bear phase is over or not,” said the company’s analyst.

Bitcoin Market Forecast by JPMorgan

JPMorgan analyst Nikolaos Panigirtzoglou has shared his view on when he expects the current bitcoin bear market to be over. In an interview with CNBC on Tuesday, the analyst stated that the Bitcoin price drop will likely end when the cryptocurrency market share of all cryptocurrencies rises above 50% again. He explained:

A healthy number in terms of Bitcoin’s share of total cryptocurrency market capitalization is 50% or more. I think that’s another indicator to watch here as to whether or not this bear phase is over.

“It was around 60% in early April,” recalled the JPMorgan analyst, adding that Bitcoin’s relatively low market share was a negative signal, suggesting that interest in BTC remains relatively subdued. However, Panigirtzoglou pointed out that Bitcoin’s market share has increased in recent weeks.

Bitcoin dominance is currently around 46% and the price of BTC is $ 34,609 at the time of writing, based on data from Bitcoin.com Markets.

While the JPMorgan analyst sees little evidence of large investors buying the decline in Bitcoin, he noted:

The inflow into Ethereum funds has slowed in the last two to three weeks, at the same time the inflow into Bitcoin funds … has improved. That means some institutional investors may see a relative value opportunity to buy Bitcoin and sell other cryptocurrencies.

Last week, another JPMorgan analyst said the crypto market is recovering, although it is not yet healthy. In addition, the short-term prospects for the crypto market are “challenging”, added the analyst and warned of further sell-offs.

Panigirtzoglou said earlier this month that there had been “an unusual development” in the Bitcoin futures trend. “We believe the return to backwardation has been a negative signal in the last few weeks, suggesting a bear market,” he wrote.

Meanwhile, JPMorgan CEO Jamie Dimon said last month during his testimony before the House of Financial Services Committee regarding cryptocurrency that his personal advice to people is to stay away from Bitcoin. Nonetheless, he admitted that JPMorgan’s customers want exposure to the cryptocurrency.

What do you think of JPMorgan’s Bitcoin forecast? Let us know in the comment section below.

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