This indicator could signal the end of Bitcoin’s bearish phase, says the JP Morgan analyst

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.

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According to Dailyhodl

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