Bearish Bitcoin JPM Analyst Now Sees a Bullish Momentum Getting Ready

Bearish Bitcoin JPM Analyst Now Sees a Bullish Momentum Getting Ready

JP Morgan analysts that predicted a declining Bitcoin for the middle term are now saying that current Bitcoin price stabilization is a signal of an upcoming turnaround in the trend.

 On December 15, Nikolaos Panigirtzoglou affirmed that the interest of financial firms in Bitcoins trading was declining, driving prices down. However, this week he said on CNBC “Futures Now” show that the phenomenon was short-lived and firms’ interest in cryptocurrencies would come back in the middle term.

 “The stability that we are seeing right now in the cryptocurrency market is setting the stage for more participation by institutional investors in the future,” Panigirtzoglou said. “The cryptocurrency market was a new market. It went through a bubble phase and the burst.”

On the other side, Panigirtzoglou highlighted regulation as the big obstacle right now as governments are usually slow to react to trends. 
Bitcoin is currently trading at 3,368.30 against the Dollar. BTC/USD is trading 1.36% down on the week, while it remains almost flat on the month.

 However, the king of cryptocurrencies is 15% down in 2019. It could seem too much, but remember that last year BTC/USD collapsed around 73%. 
So, 15% down in two months doesn’t seem a huge decline, especially when looking at the monthly chart and then going to the microscope to see the daily price movement.

JP Morgan is right on his watch that Bitcoin price is stabilizing and a bullish sentiment is building up. However, the daily chart is slightly bearish in the short term with BTC/USD capped by the 20-day moving average line. 

In any case, Panigirtzoglou vision will remain in place as far as the BTC price stays above the 3,200 mark. 

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