A top American analyst from the international financial giant said that BTC’s prices could suffer if it fails to reach the $60,000 mark any time soon. Even though JPMorgan Chase & Co’s analysts compared the latest downward trend with similar events in the last few months, they maintained that the famous crypto coin lacked the momentum to reach previous milestone.
Not only Bitcoin but also the entire market went red following Sunday’s negative trend. Reportedly, the market-cap lost as much as $360 billion. Meanwhile, the world’s biggest digital asset lost more than twenty percent of its value.
Even though the coin has regained nearly $4,000, there were rising fears among investors that it has gone through its support line. Besides that, JPMorgan’s analysts, led by Nikolaos Panigirtzoglou, further stated that the negative rally could negatively affect the digital asset in the coming months. They said
Over the past few days, Bitcoin futures markets experienced a steep liquidation similarly to the middle of last February, middle of last January, or the end of last November.” The analysts further added, “Whether we see a repeat of those previous episodes in the current conjuncture remains to be seen. The likelihood will happen again seems lower because momentum decay seems more advanced and thus more difficult to reverse.
The experts from JPMorgan claimed that the activities in the whale BTC accounts have significantly decreased and argued that to continue its rally, the BTC first needs to regain its $60,000 mark.
On the other hand, while talking to the media, Bill Miller, one of the biggest investors in GBTC, disagreed with the analysts. He described Sunday’s plunge as a “volatile” setback. Bill further added that the currency is just getting mainstream adoption and has come a long way since 2017’s bubble, asserting that it’s a game of demand and supply.