JPMorgan: Bitcoin has not yet bottomed out and will continue to fall in price

Analysts at Fundstrat believe that Bitcoin (BTC) will soon bounce to $ 50,000. They noticed the corresponding signals on the chart of the largest cryptocurrency.
In contrast, their colleagues at JPMorgan bank predict that BTC has not yet bottomed out. Therefore, the correction will continue.

JPMorgan: Bitcoin has not yet bottomed out and will continue to fall in price

Bitcoin in the medium term will trade below $ 36,000. The minimum value is expected at $ 24,000, said JPMorgan strategist Nikolaos Panigirtzoglu.
He drew attention to a sharp decline in institutional investor interest in Bitcoin. According to the expert, this trend was the result of the May collapse of the BTC rate, which lost about 40% last month.

Such a strong shock that the cryptocurrency has gone through does not yet allow it to quickly recover from losses and resume expansion, JPMorgan analysts said in a note.
Compared to gold, bitcoin periodically exhibits a higher amplitude of fluctuations. In this situation, institutions are likely to prefer to keep their capital in precious metal rather than digital currency.
Moreover, gold is now trading at the highest level in the past five months. The price of a troy ounce of precious metal rose on June 1 to $ 1900.
FX24

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