JP Morgan Strategists Commented On The Cryptocurrency Market

JP Morgan strategists commented on the cryptocurrency market. According to strategists, the cryptocurrency market has entered a recovery phase.

The largest cryptocurrency Bitcoin (BTC) started to recover after falling to $ 28,600. According to the new report published by JP Morgan analysts, Bitcoin is entering the recovery phase and the recovery is coming to an end.

JP Morgan Strategists Evaluated Bitcoin's Situation

Even as the leading cryptocurrency Bitcoin is well below its all-time high of $64,863, the market momentum is expected to break upwards. JP Morgan analysts Josh Younger and Veronica Mejia Bustamante used the following statements about Bitcoin price:

“The cryptocurrency market is not yet completely healthy. However, the recovery process has already begun.”

In addition, JPMorgan strategists rated the lack of activity in the futures markets as a positive factor. According to ByBt, the futures market did not surrender to volatility after the Bitcoin price decline seen on May 19. But according to strategists, the short-term outlook is extremely difficult. While experts drew attention to the on-chain data, it was also confirmed that investors were selling cryptocurrencies to cover their losses. On the other hand, analysts think that there are still underwater positions in the market. The question of what level Bitcoin should catch for a full recovery is met with ambiguous answers. In addition to all this, JP Morgan stated that the value of Bitcoin should be in the range of $ 23,000 to $ 35,000 in the medium term. At the time of writing, Bitcoin (BTC) is trading around $35,000. Many experts describe above $30,000 as a solid wall.