{"id":8894,"date":"2021-06-29T03:54:07","date_gmt":"2021-06-29T03:54:07","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/jpmorgan-says-crypto-market-is-healing-expects-more-price-decline-before-capitulation\/"},"modified":"2021-06-29T03:54:07","modified_gmt":"2021-06-29T03:54:07","slug":"jpmorgan-says-crypto-market-is-healing-expects-more-price-decline-before-capitulation","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/jpmorgan-says-crypto-market-is-healing-expects-more-price-decline-before-capitulation\/","title":{"rendered":"JPMorgan Says Crypto Market Is Healing, Expects More Price Decline Before Capitulation"},"content":{"rendered":"<p><strong>JPMorgan Chase has released an investor note stating that the cryptocurrency market appears \u201cto be beginning the process of healing.\u201d In the short term, however, the JPMorgan analysts expect further sell-offs before capitulation.<\/strong><\/p>\n<h2>JPMorgan\u2019s Crypto Market Outlook<\/h2>\n<p>JPMorgan Chase\u2019s analysts, including Josh Younger and Veronica Mejia Bustamante, wrote about the outlook of the cryptocurrency market in a note published Friday.<\/p>\n<p>They explained that the near-term outlook for the crypto market is \u201cchallenging,\u201d noting that blockchain data suggests recent cryptocurrency sell-offs were made to cover losses. \u201cThere is likely still an overhang of underwater positions which need to be cleared through the market,\u201d they detailed.<\/p>\n<p>The analysts also warned of the possibility of increased production costs of <a class=\"lar-automated-link\" href=\"https:\/\/markets.bitcoin.com\/crypto\/BTC\">BTC<\/a> as China\u2019s crackdown pushes bitcoin mining abroad. Nonetheless, the JPMorgan analysts see stability in the bitcoin futures market as a positive factor. They concluded:<\/p>\n<p>Cryptocurrency market shows signs that it is not yet healthy, [but] it does also appear to be beginning the process of healing.<\/p>\n<p><!-- growjs zone placement 31 -->    <!-- end of growjs zone placement --> <\/p>\n<p>Last week, a different JPMorgan analyst, Nikolaos Panigirtzoglou, wrote that despite the recent correction, \u201cwe are reluctant to abandon our negative outlook for bitcoin and crypto markets more generally.\u201d He emphasized, \u201cDespite some improvement, our signals remain overall bearish.\u201d<\/p>\n<p>Panigirtzoglou added that bitcoin\u2019s fair value, derived from comparing its volatility to gold, is in a range of $23,000 to $35,000 in the medium term. He elaborated:<\/p>\n<p>It would still take price declines to the $25,000 level before longer-term momentum would signal capitulation.<\/p>\n<p><em><strong>What do you think about the comments by JPMorgan\u2019s analysts? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Bitcoin News<br \/>\nMarkets and Prices, bitcoin outlook, bitcoin price decline, capitulation, crypto market, crypto market healing, crypto sell-offs, JP Morgan, jpmorgan, JPMorgan Chase<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JPMorgan Chase has released an investor note stating that the cryptocurrency market appears \u201cto be beginning the process of healing.\u201d In the short term, however, the JPMorgan analysts expect further sell-offs before capitulation. JPMorgan\u2019s Crypto Market Outlook JPMorgan Chase\u2019s analysts, including Josh Younger and Veronica Mejia Bustamante, wrote about the outlook of the cryptocurrency market&hellip;<\/p>\n","protected":false},"author":0,"featured_media":8895,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-8894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8894"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=8894"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8894\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/8895"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=8894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=8894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=8894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}