According to the latest reports, an analyst has made an alarming prediction in regards to the price of Bitcoin (BTC). The analyst is reportedly from JPMorgan who has carried out extensive analysis on Bitcoin (BTC) before coming up with the prediction.
The analyst has reported that Bitcoin (BTC) has experienced the worst month of May ever since it came into being. The price drop percentage Bitcoin (BTC) has experienced in May 2021, is the worst price drop percentage since the last 10 years.
The JPMorgan analyst has also predicted that this is not the lowest price Bitcoin (BTC) has hit during its bearish run. According to the analyst, the price of Bitcoin (BTC) will most likely continue to drop for a short period.
The name of the analyst is Nikolaos Panigirtzoglou who is a strategist at JPMorgan as well as an expert on Bitcoin (BTC). According to the strategist, the price of Bitcoin (BTC) would continue experiencing a demise.
(Advertisement)
CypherMind-HQ.com Artificial Intelligence Crypto Trading System – Get Ahead of the Curve with this sophisticated AI system! Harness the power of advanced algorithms and level up your crypto trading game with CypherMindHQ. Learn more today!
The major reason behind the downfall of Bitcoin’s price is the constant demise of interest among institutional investors. This is the major reason why the price of Bitcoin (BTC) is constantly dropping as the mainstream institutions are backing off from investing in Bitcoin (BTC).
The analyst has predicted that if the institutional interest continues to drop in Bitcoin (BTC), its price would continue dropping. According to Panigirtzoglou’s speculation, the price of Bitcoin (BTC) may even drop below the $30,000 mark.
The analyst has shared the information in his analysis report conducting against the current market situation and demand of Bitcoin (BTC).
The JPMorgan analyst has also compared the ratio of Bitcoin’s volatility with that of gold. The analyst has predicted that during the month of June, the price of Bitcoin (BTC) would drop even further. As per his analysis, Bitcoin’s price would float somewhere between $24,000 and $36,000 throughout the month of June.
Despite the bearish run and price drop, JPMorgan has still passed positive remarks surrounding the future of Bitcoin (BTC). The analyst has predicted that the price condition for Bitcoin by the end of the year 2021 would be around $145k per BTC.
The analyst has predicted that Bitcoin (BTC) will manage to equalize its allocation to the level and ratio of gold. The investors will soon start coming back to Bitcoin (BTC) and its price would start experiencing a surge.
The analyst has predicted that Bitcoin (BTC) will be able to equalize its allocations with gold once its price hits the $145k per BTC mark. At that point, Bitcoin (BTC) would experience a market capitalization of $2.7 trillion, which would be similar to that of gold.
The analyst has predicted that although the ending story for Bitcoin (BTC) is promising, yet the investors would have to trust in its potential. For now, they will have to bear the loss as Bitcoin (BTC) will go further down to $26k per BTC.
