JP Morgan analyst Nikolaos Panigirtzoglou shares his thoughts on current Bitcoin price developments, suggesting that the ongoing bearish period may be coming to an end.
Nikolaos Panigirtzoglou – Analyst at JP Morgan
In one interview Panigirtzoglou, a newcomer to CNBC, said institutions have apparently been switching funds from other cryptocurrencies to Bitcoin in recent weeks, reversing a trend that emerged in April.
“There are already differences between Bitcoin and other cryptocurrencies. In April there was a partial shift in institutional capital from Bitcoin to Ethereum and now we are seeing the opposite. The inflow into Ethereum funds has slowed in the last two or three weeks, paralleling the inflow into Bitcoin funds which has picked up a bit. “
This diversion suggests to the analyst that the current price level of Bitcoin appears attractive to institutional investors.
Panigirtzoglou also suggested that for institutional investors, the price of Bitcoin is more important than the volatility, which he believes will “normalize from here”.
With the dominance of Bitcoin (BTC.D) around 45%, the analyst stated that he would like to see Bitcoin dominate 50% of the total crypto market.
Annie
According to Dailyhodl
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Miami, Florida, 5th November 2024, Chainwire
Want to learn about Bitcoin and Chainlink's prices? See why BlockDAG with its X1 app…
New ATH for Bitcoin’s average hashrate, combined with Bitcoin mining difficulty surpassing 100 trillion hashes,…
Bitcoin's price rose 3% to $70,200, influenced by excitement surrounding the US presidential election.
NY, United States of America, 5th November 2024, Chainwire
This Coincu's article presents a curated list of the top DePIN crypto projects with airdrop…
This website uses cookies.