JPMorgan Chase & Co. analysts made a critical comment regarding the price of Bitcoin (BTC). According to analysts, while Bitcoin is likely to be subject to selling pressure in the short term, it continues to hold upward potential in the long term.
JPMorgan, who made evaluations for the Bitcoin price in the short term and transferred his analysis to BloombergQuint, stated that they calculated the current value and production by treating Bitcoin as a commodity. As a result of the analysis, JPMorgan stated that they expect a fluctuating course for the Bitcoin price in the short term, but said that the possibility of BTC’s rise is higher than the possibility of falling.
The Expectation Of Rise In Bitcoin Continues
JPMorgan argued that the Bitcoin investment moves made by MicroStrategy and Square recently created buying pressure. After MicroStrategy’s $ 425 million BTC investment followed by Square’s $ 50 million BTC investment, many experts commented on Bitcoin. JPMorgan recently commented on Square’s investment, announcing that he believes this investment could raise the BTC price in the long run.
It was reported that long positions are still available in Bitcoin futures and therefore BTC continues to trade slightly above its market value. Many analysts, including Nikolaos Panigirtzoglou, highlighted the selling pressure that Bitcoin will see in the short term.
Bitcoin fell more than 8% in September. Despite this drop, Bitcoin managed to stay above the $ 10,000 level, and has since surpassed $ 11,000. Currently traded at $ 11,318, BTC has been considered one of the best performing assets of 2020 according to the Bloomberg Galaxy Crypto Index. In the crypto money market, which has been experiencing quite mixed price movements this year, it has attracted great attention that Bitcoin has increased by more than 80% and performed successfully.