Bitcoin’s price could suffer more if the asset fails to reclaim $60,000 soon, said analysts from the US multinational banking giant JPMorgan Chase & Co. They compared Sunday’s market crash with similar developments in the past few months but argued BTC lacks sufficient momentum now.
BTC’s Bull Run Coming to an End?
Bitcoin and the entire cryptocurrency ecosystem plummeted in value on Sunday as more than $360 billion were evaporated from the market cap. The largest digital asset led the charge with a massive $9,000 drop to a 3-week low of $51,500.
Although BTC has reclaimed about $4,000 since then, fears emerged if it has broken below a vital support line. Furthermore, JPMorgan strategists, led by Nikolaos Panigirtzoglou, outlined the potential adverse effects this price slump could have for the asset in the long run.
“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, o
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