- BTC/USD is controlled by bears, unchanged on a day-over-day basis.
- Nikolaos Panigirtzoglou from JPMorgan believes big players will return to the market.
Bitcoin is in decline mode once again. The first digital coin is trading at $3,360, mostly unchanged in recent 24 hours. BTC/USD has come dangerously close to the critical short-term support zone. Once it is cleared, the downside main gain traction with the next focus on $3,200-$3,000.
As Bitcoin’s price moved away from overhyped levels, institutional players began changing their views on the industry.
According to Nikolaos Panigirtzoglou, Global Market Strategist at JPMorgan, the cryptocurrency market will see big players returning to the industry. Now that the volatility subsided, institutional investors feel more confident and ready to give Bitcoin a second chance.
“The stability that we are seeing right now in the cryptocurrency market is setting the stage for more participation by institutional investors in the future. The cryptocurrency market was a new market. It went through a bubble phase [and] the burst,” he said.
Speaking in the interview with CNBC, the expert explained that cryptocurrency growth is capped due to the absence of regulatory oversight. Though, the situation is likely to change within the upcoming years.
While Mr. Panigirtzoglou is not overly optimistic, his view implies a renewed interest in cryptocurrencies, which may translate into positive price momentum.
Earlier, Litecoin's creator Charlie Lee said that Bitcoin would return to $20,000 within three years.
BTC/USD, the daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.