Veteran financial analyst and trader Peter Brandt and JPMorgan strategist Nikolaos Panigirtzoglou think that Bitcoin price is falling more since May after a 50% decrease. Bitcoin’s worth is now between $24,000 and $36,000 in the medium term.
Since May, The Price Of Bitcoin Is Falling More By Over Half
Bitcoin (BTC) is expected to fall further, even though its price has made a solid comeback after plummeting from $65,000 to $30,000 in May 2021.
Weakening institutional demand is expected to push the Bitcoin price below $30,000, according to JPMorgan strategist and Bitcoin expert Nikolaos Panigirtzoglou in a recent research note to clients.
According to a JPMorgan strategist, Bitcoin will continue to trade between $24,000 to $36,000 in the medium term. According to CoinGecko data, bitcoin is down almost 1% in the last 24 hours. According to analysts, institutional investors seemed hesitant to buy the drop in the aftermath of a huge crypto fall on May 19.
Bitcoin has dropped roughly 37% in the last 30 days but is still up 286% since the beginning of the year. JPMorgan earlier suggested that huge institutional investors were abandoning BTC in favor of gold when the cryptocurrency hit five-month lows.
What Peter Brandt Have To Say About Bitcoin Price Falling?
On the other side, Peter Brandt challenged “BTC price historians” to find a single instance in the recent decade in which Bitcoin set a new record high seven months after falling more than 50%. He also requested a specific example of a 50% drop in Bitcoin’s price that did not result in at least a 70% correction.
Challenge to $BTC price historians
In past 10 years (since May 2011) please identify a single (even one) instance:
1. When a 50%-plus correction did not lead to at least a 70% correction
2. When a 50%+ correction made a new ATH within 7 months
— Peter Brandt (@PeterLBrandt) June 1, 2021
After falling to $3,850 in March from its long-term cyclical high of $13,880 in June 2019, Bitcoin’s price has risen to an all-time high above $20,000 after eight months. According to some observers, Bitcoin will continue to fall, as Brandt predicted.