Global investment bank JPMorgan has predicted that the bitcoin price slump will likely be over when the cryptocurrency’s dominance rises back above 50%. “I think that’s another indicator to watch here in terms of whether this bear phase is over or not,” the firm’s analyst explained.
JPMorgan’s Bitcoin Market Prediction
JPMorgan analyst Nikolaos Panigirtzoglou has shared his view of when he expects the current bitcoin bear market to be over. In an interview with CNBC on Tuesday, the analyst explained that the bitcoin price slump will likely end when the cryptocurrency’s market share of all cryptocurrencies climbs back above 50%. He explained:
A healthy number there, in terms of the share of bitcoin as a percentage of the total cryptocurrency market cap, is 50% or above. I think that’s another indicator to watch here in terms of whether this bear…