Bitcoin continues to trade sideways between $ 33,000 and $ 38,000 after the third largest monthly decline in history. Fundstrat analysts expect bitcoin to quickly return to $ 50,000. However, the JPMorgan bank believes that BTC has not yet bottomed out and will continue to fall in price.
Fundstrat analysts are still very optimistic. According to their forecasts, in the very near future, BTC will be able to return to the $ 50,000 region, coinspot writes.
This can happen if the “inverted head and shoulders” pattern is triggered, but for this, bitcoin must break up the “neck” line of about $ 40,000.
According to the founder of Fundstrat Tom Lee, conditions are now being created for a radical change in the course of trading. The fact that Bitcoin has held above $ 30,000 signals that the chances of resuming growth are now greater than continuing to fall.
Nikolaos Panigirtzoglu, strategist at JPMorgan financial holding, does not exclude a further fall in BTC. He also drew attention to a sharp decline in the interest of institutional investors in bitcoin due to the growth of its volatility.
The strong collapse of the first cryptocurrency in May does not allow it to quickly recover from losses and resume the rally. According to Panigirtzoglu, the fundamentally justified value of bitcoin is in the range of $ 24,000- $ 36,000.
Renowned tech analyst and head of Factor LLC Peter Brandt also questioned Bitcoin’s further rally. He asked the “historians” of the first cryptocurrency to name at least one precedent in the last decade when digital gold hit a new high after falling more than 50%.
Brandt also proposed to name another case where such a correction did not lead to a 70% decline in BTC within seven months.
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