HomeCrypto NewsBitcoinJP Morgan: Bitcoin's recent drop in price will create "...

JP Morgan: Bitcoin's recent drop in price will produce 'significant growth'

- Advertisement -

Bitcoin (BTC) lost key support levels over the past 24 hours amid weakening sentiment.

According to JPMorgan Chase, Bitcoin's recent drop made BTC lower than fair price its, gives BTC “significant increase” Future.

- Advertisement -

At the price of $28,948, Bitcoin lower than 28% based on the fair value offered by the bank. JP Morgan thinks Bitcoin's fair value is at 38.000

Despite the recent market drop that sent Bitcoin back into the $28.000 range, the bank maintains a positive outlook.

JP Morgan strategist Nikolaos Panigirtzoglou points out: “The last month’s crypto market correction looks more like speculation than last January/February and going forward we see bullishness for the Bitcoin and crypto markets in general.”

Bitcoin (BTC) has lost key support levels in the past 24 hours in the past, leading to a liquidation of about 383 million dollars, according to data by Coinglass.

Bitcoin price fell despite the favorable performance of US stock indexes on Wednesday. After the release of the minutes of the US Federal Reserve meetings conducted on May 3 and 4, stocks rose slightly. 

According to the minutes, the agency is willing to be flexible with policies to increase interest rates and tighten monetary policy. The markets are concerned that the Fed will take a tough interest rate hike stance, which Jerome Powell, Chairman of the Federal Reserve, has stated earlier.


See more:

Rate this post
- Advertisement -

Maybe you are interested

Q2 2022 is the worst quarter in 11 years when Bitcoin price plummets without brakes

Bitcoin has seen its worst quarterly loss in 11 years with both price and blockchain activity…

Grayscale sues SEC over rejection of Bitcoin ETF Spot

Grayscale Investments filed a lawsuit with the U.S. Securities and Exchange Commission (SEC) just an hour after the agency...

SEC Rejects Grayscale Bitcoin ETF

The Securities and Exchange Commission (SEC) has rejected Grayscale's proposal to convert its product into...

MicroStrategy Keeps Accumulating Bitcoin As Markets Plunge

MicroStrategy added 480 Bitcoins to its holdings despite the strong downtrend of the market. MicroStrategy reported that...

Addresses holding at least 1 Bitcoin hit an all-time high of 873.043

According to data from Glassnode, the number of addresses holding at least 1 bitcoin hit an all-time high of 873.043.

Related posts

- Advertisement -