Nikolaos Panigirtzoglou, a strategist of JPMorgan has recently revealed that he believes that the rally of Bitcoin might be coming to an end. This is because of the diminishing momentum of the cryptocurrency in accordance with the reports shared by Bloomberg.
Nikolaos Panigirtzoglou From JPMorgan Warns About Decaying Bitcoin Momentum
The strategist has recently revealed he is persuaded that $60K is now the critical level for Bitcoin bulls.
The oldest cryptocurrency has surged nearly $65,000 on April 14, which was also the day of the listing of the leading crypto exchange Coinbase.
After that, the cryptocurrency dropped significantly to the level of $51,000 on April 18, and during that crash, around $10 billion worth of cryptocurrency futures got elucidated.
Nikolaos Panigirtzoglou has some expectations that the momentum signals to experience a multi-month decay after the giant wipe-out:
“Over the past few days, Bitcoin futures markets experienced a steep liquidation in a similar fashion to the middle of last February, middle of last January, or the end of last November. Momentum signals will naturally decay from here for several months, given their still-elevated level.”
Decaying Momentum of The Oldest Cryptocurrency Bitcoin
As we are already aware of the fact that the oldest cryptocurrency managed to quickly bounce back after alike corrections that occurred over the past few months.
However, the lead strategist at JPMorgan, Nikolaos Panigirtzoglou, is not positive about the thought that it is going to be the case this time around due to decaying institutional flows.
Whether we witness a report of those previous episodes in the present concurrence remains to be seen.
In addition to this, the reports published earlier should also be considered.
Bill Miller, the hedge fund legend asserted that the leading crypto asset Bitcoin was moving in an upward direction, ignoring the bubble discussions that are surging louder as of recently.