JP Morgan Analyst: BTC Bubble Burst, More Institutional Investors to Come in the Future
JP Morgan analyst Nikolaos Panigirtzoglou is confident that institutional investors have lost interest in BTC trading. But this is a temporary issue, and soon the market sharks will return to the crypto industry.In mid-December last year, Nikolaos Panigirtzoglou together with other JP Morgan analyst released a report stating that large investors had lost interest in bitcoin trading.
Now Nikolaos Panigirtzoglou believes this is only temporary. On CNBC, he said the crypto market was quite young, and it has already passed the phase of a bubble that has burst.
According to the expert, now the crypto industry moves to a stage of stable development and stability will attract institutional investors in the future. But he believes this can take years because the governmental regulation of the market has become a big obstacle to the development of the crypto industry.
Since the end of 2017, when bitcoin peaked at nearly $20,000, the value of cryptocurrency has dropped by 83%. At the time of publication, according to CoinGecko, BTC was trading at $3,410. Over the past 7 days, the price of bitcoin fell by another 1.4%.
Other top cryptocurrencies are also traded in the red zone. The price of Ripple since the last week fell by 9.1% to $0,290804. Ethereum at this time lost 3% of value and reached $105.
In a recent report, JP Morgan argued that BTC could plunge to $1,260 and even lower, and in the next 3-5 years there won’t be any breakthrough in the blockchain industry.