Bitcoin News

Prediction of good days for Bitcoin

An analyst at JPMorgan, a severe financial services company, has provided an easy indication to help predict when the present slowdown for bitcoin will resume. “If certain basic conditions are met, the bitcoin could start to rise again within the volatile cryptocurrency market,” said JPMorgan Nikolaos Panigirtzoglou.

During a televised interview, Panigirtzoglou explained why he thinks the present bear phase for cryptocurrencies could also be coming to an end.

The basis for this hope is that the initial indication that institutional investors are shifting their funds from other corrupt tokens to bitcoins within the past few weeks.

It is often a reversal of the trend in April when the depreciation of the bitcoin rupee this year started crashing within the market alongside other cryptocurrency prices. In an interview with CNBC, Panigertzoglu said that the dominance of bitcoin over the whole crypto market cap provides an insight into when its current downward spiral will end.

“Since the bitcoin dominates around 45%, we would like to ascertain this top digital coin dominates the general cryptocurrency market by 50%. there’s a far better number on the farm, I think.” to ascertain if this bear stage is over or not. ”

At the time of writing, Bitcoin was trading at 34 34,156 (approximately Rs. 25.38 lakh), consistent with Coin Desk. In April, it reached an all-time high of about 65,000,000 (roughly Rs. 47.33 million). When the market crashed, it fell below $ 30,000 (approximately Rs. 21.8 lakhs) before recovering.

“There has been a difference between bitcoin and other cryptocurrencies. In April, there was some institutional interest in Bitcoin and Ethereum, and now we’re watching the other. Adding this redirect of funds, the current price of the bitcoin seems attractive to institutional investors.

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