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JPMorgan Says Bitcoin Price May Remain Under Pressure. Here’s Why

Bitcoin investors should be prepared for more selling pressure, according to JPMorgan analyst Nikolaos Panigirtzoglou.

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Miners may continue offloading their coins well into the third quarter of the year, Panigirtzoglou says.

At press time, Bitcoin is changing hands at $21,432 on the Bitstamp exchange, recovering from the recent drop.

As reported by U.Today, JPMorgan estimated that Bitcoin’s fair value was $38,000 in May.

The largest cryptocurrency plunged to the $17,600 level earlier this month due to extreme selling pressure. Bitcoin is down as much as 68.95% from its record peak, according to CoinGecko data.

On June 23, Bitcoin’s mining difficulty recorded its second-biggest drop of the year.


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