JP Morgan is worried about the value of the digital currency bitcoin and the other cryptocurrencies that follow the value of the most recognised one, highlights “Bloomberg”.
JP Morgan strategist Nikolaos Panigirtzoglou has indicated to the financial agency that bitcoin has to surpass $60,000 soon, as it has already shown signs of collapse.
This is not the first time the JP Morgan strategist has witnessed and sounded red alarms regarding the downward movement of the cryptocurrency’s value, having already avoided deep falls for investors.
“In recent days, bitcoin futures markets have seen a sharp sell-off, similar to what happened in mid-February, January and last November,” several strategists pointed out to the publication. “Signs of momentum will naturally decay within a few months due to its still high level,” they pointed out.
In the previous comparison months, the general flow momentum allowed the cryptocurrency to cross key thresholds and realise new accumulations. “It remains to be seen whether we will see a repeat of these episodes at the current juncture,” they point out.
The highest value bitcoin reached was $64 870, on the day Coinbase began trading on the Nasdaq technology stock market index. Since then, Bitcoin’s value has settled at $55,000, having closed five of the last six sessions down.
Like Bitcoin, alternative lower-value digital currencies have also suffered losses in recent sessions.
