JPMorgan: Bitcoin Rally Is Not Sustainable

JPMorgan said, "Bitcoin rally is not sustainable." JPMorgan previously said that Bitcoin could reach $ 146,000.

JPMorgan stated that the volatility in the cryptocurrency should decrease so that the Bitcoin (BTC) rally, which broke the record by exceeding the $ 51,000 mark today, would not result in disappointment. In the note released by the institution's strategists, it was noted that if the price fluctuations do not decrease, it is not sustainable to continue trading at the current prices of the largest cryptocurrency. Stating that the market value of bitcoin has increased by $ 700 billion in the last 5 months, JPMorgan pointed out that only $ 11 billion of this came from institutional investors. JPMorgan strategists noted that limited supply and individual demand could still push prices up, said, "The upsides since January have been more affected by speculative currents." Galaxy Digital Cryptocurrency Founder Michael Novogratz predicted that Bitcoin will be $ 100,000 at the end of 2021 if more companies provide their customers with the opportunity to pay with Bitcoin. Novogratz, who gave an interview to Bloomberg, used the following statements: "You will find that every company in America will do the same." MicroStrategy Founder Michael Saylor said that the expansionary monetary policy followed by the FED played a role in investing in crypto money, but it is stated that CFOs who do not want to take risks due to the volatility in Bitcoin are difficult to add crypto money to the company's treasury.