JPMorgan: "Institutional traders can push bitcoin to fall"

The analyst of the financial conglomerate JPMorgan Chase counts, that institutional traders played a big role in a recent decrease in the Bitcoin course, And they can push BTC to a new fall.

JPMorgan chief strategist Nikolaos Panigirtzoglu (Nikolaos Panigirtzoglou) stated, What exactly Mass closure of "inertial traders" transactions for the purchase of bitcoin led to a decrease in the BTC course to $16 400. By "inertial traders" the analyst implies institutional traders and exchange consultants.

Panigirtzoglu noted, that the number of profitable positions for such traders was noticeably reduced, but, If the Bitcoin course does not show quick recovery, then the rest of the transactions can be closed, which will lead to a new drop in the price of the first cryptocurrency.

One of the key indicators of the market state, According to the chief strategist JPMorgan, Now there is an influx of investment in the Grayscale Bitcoin Trust Trust (GBTC). If the influx of investment is reduced, then you should be prepared for the fall of the course of the first cryptocurrency.

“If GBTC does not receive additional injections in the coming weeks, then this will question the interest of institutional investors in bitcoin, especially as a long -term investment ", - concluded Panigirtzoglu.

Recall, that recently Guggenheim Partners has submitted an application to the US Securities and Exchange Commission (SEC) About the allocation more $500 Milln from the Macro Opportunites Foundation for investment in Grayscale Bitcoin Trust.

Earlier, investor and founder of Mobius Capital Partners Mark Mobile (Mark Mobius) compared the first cryptocurrency with games in the casino.