JP Morgan: "if the downtrend continues, bitcoin could fall to $1250»

According to analysts of one of the world's largest banks JP Morgan, the value of the cryptocurrency is not confirmed, and the popular blockchain technology will not affect the banking business in the next five years.

According to representatives of JPMorgan, the growth of cryptocurrencies will take place only if investors lose all confidence in gold, the dollar, other financial and reserve assets, as well as global payment systems.

"Even in extreme scenarios, such as a recession or financial crisis, there are more liquid and less complex instruments for transactions, investment and hedging," the Bank's analysts stressed.

In addition, representatives of JP Morgan stressed that the use of bitcoin futures as an intermediate asset is declining among financial institutions, while private investors are increasing their share.

Separately noted the failure of bitcoin as a means of payment – the use of the first cryptocurrency has not resorted to any major retailer. However, smaller companies and private clients can become more fertile ground for the development of bitcoin as a means of payment.

According to analysts, if the "bearish" market continues this year, the strong support of bitcoin at $2400 may not resist and the first cryptocurrency will fall to $1260.

Earlier, cryptopatterns analyst John pearl stone (Jon Pearlstone) in an interview with Forbes expressed the opinion that if buyers manage to keep the level of support for the price of bitcoin at $3500, the first cryptocurrency will be able to reach $5000.

this opinion is certainly interesting, but I think to rise bitcoin all this is not necessary.The faith and patience of ordinary people is the main incentive for bitcoin.Take the growth to 20K,it took place without the global adoption of bitcoin, this is a fact.So, bitcoin needs only time to rise.Fall is certainly possible,even if 3500$ 3200$ 2900$ 1250$ can not be a bottom,and in the worst-case scenario of 700$ is the point from which bitcoin could start a parabolic growth for testing new peaks.All this is not so far away, buy when the blood pours....all this is my personal opinion, and in any case not a call to anything.So that be careful in your decisions!!!