With the current Bitcoin price cap plunging, many price predictions have come into the picture. Crypto experts around the globe have anticipated the market decline to persist but what becomes significant is the prediction from J.P. Morgan, one of the most renowned names in the global financial sector.
J.P. Morgan researchers anticipate that the price of the world’s largest cryptocurrency by market capitalization i.e. Bitcoin is not going to surge anytime soon. The researchers have anticipated the price to further drop down to $13,000 levels which currently stands at about $15,000 levels in light of the ongoing market happenings.
The executives of the institutions have voiced their predictions saying that the market in the coming time will have to continue to deal with a series of margin or close calls that have been fuelled by the recent collapses of the mega names that manipulated the industry.
On November 9, the price of Bitcoin was recorded at $15,632, marking the lowest in the past 2 years. The price slightly bounced back following the lowest mark but the trail as anticipated is likely to follow. At the time of writing, the price of Bitcoin was recorded at $16,704.40 which is a 5.03% increase from the previous day but a 21.5% decline over the past 5 days.
The view has also been supported by other experts including Mark Newton, head of technical strategy at Fundstrat, an independent New-York based equity research firm. According to his prediction, the Bitcoin price will most probably enter and test the $13,000 level before any support. However, he doesn’t outcast the assumption that the bear could even manage to push it below the $10,000 level given there is enormous high volatility which is abnormal.