Prediction of good days for bitcoin!

An analyst at financial services giant JPMorgan has provided a simple indicator that can help predict when Bitcoin’s current slow momentum will pick up again. JP Morgan’s Nikolaos Panigirtzoglu said that if certain fundamental conditions are met, bitcoin could start rising again in the volatile cryptocurrency market. In a televised interview, Panigirtzoglu explained why he thinks the current bear phase for the cryptocurrency may be over.

The basis for his optimism is an early indication that institutional investors are shifting their funds from other crypto tokens to bitcoin over the past few weeks. This is a reversal of the trend in April when other cryptocurrency prices With bitcoin price in rupees The market decline began in an interview with CNBC, Panigirtzoglu said that bitcoin’s dominance over the entire crypto market cap provides an insight into when its recent downward spiral will end.

Panigertzoglu said, “As bitcoin dominance is around 45%, we would like to see this top digital coin dominate 50 percent of the overall cryptocurrency market. There is a better number in form. I think that’s another one to watch.” Indicator whether this bear phase is over or not.”

coindesk According to reports, the price of bitcoin was $ 34,156 (about Rs 25.38 lakh) at the time of writing this report. In April, it had reached an all-time high of about $ 65,000 (about Rs 47.3 lakh). When the market crashed, it fell below $30,000 (approximately Rs 21.8 lakh) before recovering slightly.

Panigertzoglu said, “There has been a gap between bitcoin and other cryptocurrencies. There was also some institutional interest in ethereum from bitcoin in April, and now we are seeing the opposite. Adding this redirection of funds suggests that bitcoin’s The recent price looks attractive to institutional investors.”