Investment bank JPMorgan Chase has warned of a further bitcoin price decline, expecting an incoming bear market.
JPMorgan’s analysts affirmed that their outlook for bitcoin was negative.
They see similarities between the current situation and the bitcoin crash in 2018 when investors rushed into cryptocurrencies as they boomed in 2017 and mass exited as the prices plunged during 2018.
Twitter account DTC Crypto Trading, for example, wrote: “So the ‘analyst’ at JPMorgan says that backwardation on BTC while price is moving up is a sign of the bear market.
Goldman Sachs has repeatedly said that it is seeing huge institutional demand for BTC, noting that the cryptocurrency has become a new asset class.
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