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Bitcoin crash is not over, JPMorgan analysts claim

Published 06/02/2021, 06:03 PM
Updated 06/02/2021, 06:30 PM
© Reuters. Bitcoin crash is not over, JPMorgan analysts claim

A group of JPMorgan (NYSE:JPM) strategists led by Nikolaos Panigirtzoglou has warned that Bitcoin’s latest correction may not be over. However, they have set their long-term price target at $145,000.

While Bitcoin may be showing signs of recovery after plunging from $57,000 to nearly $30,000, strategists at JPMorgan have forecasted that the price of the digital asset may still drop further in the short term. Panigirtzoglou and his team predict that Bitcoin could drop to $24,000 in the mid-term. They explained in a note to clients that:

The fair value for bitcoin based on a volatility ratio of Bitcoin to gold of around x4 would be 1/4th of $145k or $36k. The fair value for Bitcoin based on the current volatility ratio of Bitcoin to gold of around x6 would be 1/6th of $145k or $24k. We thus see a fair value range of $24k to $36k over the medium term.

As reported by BTC PEERS, Ethereum products recorded significant institutional inflows last week, while Bitcoin products saw a slight capital outflow. This suggests that investors may be temporarily shifting funds from Bitcoin to Ethereum.

Continue reading on BTC Peers

Latest comments

seems like the whole markets descended into a sorta wild west. every nonsense previals, traditional metrics are toilet paper, and a plethora of irrational manias rule each day. but, it's likely scripted.
another analysis broker said its copper not gold
hey some one said 200,000 500,000 in past 2 wk
do you trade ?
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