JPMorgan analysts: "The market may bottom soon"

Article Reading Time:
1 min.

Experts at the investment bank JPMorgan believe that the fall in the cryptocurrency market will stop soon, and then Bitcoin and other assets will consolidate.

Head of Analytics Team NikolaosNikolaos Panigirtzoglou is sure that most of the traders with margin positions have already been thrown out of the market. The capitalization of the cryptocurrency industry has lost almost $2 trillion from its record in November last year and has now fallen below $1 trillion. Therefore, we can assume that the stage of deleveraging is already coming to an end.

“The current cycle is unlikely to last, giventhat cryptocurrency companies with large reserves of funds are already starting to invest again. This will prevent falls. Venture capital companies also took up a good pace of investment in the industry in May and June,” JPMorgan experts note.

Fundstrat analyst Mark NewtonNewton) is not sure that Bitcoin is already at the bottom. In his opinion, in the short term, the rate of the first cryptocurrency may well fall to $13 000. True, this level will already be the entry point for medium-term investors.

</p>

Let us recall that just over a week ago, JPMorgan analysts spoke about the possible growth of the cryptocurrency market.