JPMorgan analyst: bitcoin has little chance of further growth

JPMorgan strategist warned of bitcoin weakness amid the latest liquidation of $ 10 billion in futures.

Strategist JPMorgan Chase & Co. Nikolaos Panigirtzoglou is worried that if the largest cryptocurrency fails to rise above $60,000 soon, the bullish rally could end. 

Nikolaos notes that over the past 12 monthssimilar large liquidations on the BTS futures market were repeated three times – in January, February 2021 and November 2020. In previous times, Bitcoin was quickly bought back, and it recovered above previous values. Now, in his opinion, the situation on the market is different.

The likelihood of a quick recovery is currently not very high. The correction is quite deep and, against the background of modest BTC purchases, it will be more difficult to achieve a recovery.

Panigirtzoglu is used to being careful in hisforecasts. In February, he doubted that the price of bitcoin would hold above $ 50,000. Despite his skepticism, at the beginning of the year, other bank experts predicted that the rate of the first cryptocurrency would rise to $ 146,000.

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