JP Morgan analyst Nikolaos Panigirtzoglou is sharing his ideas on the present Bitcoin value motion, hinting that the prime cryptocurrency’s present bear section could also be coming to an finish.
In a brand new interview with CNBC, Panigirtzoglou says that over the previous few weeks establishments look like reallocating funds from different cryptocurrencies again into Bitcoin, reversing a development that emerged in April.
“There has been a divergence between Bitcoin and different cryptocurrencies. There was additionally some institutional curiosity from Bitcoin into Ethereum again in April, and now we’re seeing the reverse. The circulate into Ethereum funds has slowed over the previous two-three weeks at the identical time as the circulate into Bitcoin funds has turned much less destructive.”
This redirection of funds suggests to the analyst that Bitcoin’s latest value seems to be engaging to institutional buyers.
Panigirtzoglou additionally means that Bitcoin’s value is extra essential to institutional buyers than Bitcoin’s volatility, which he believes “will normalize from right here.”
As Bitcoin dominance (BTC.D) hovers round 45%, the analyst notes that he want to see Bitcoin dominate 50% of the total cryptocurrency market.
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