JPMorgan has prepared a technical analysis regarding the price of Bitcoin at the end of the last week. The media outlets dedicated to business issues report on this organization’s analysts suggesting that the price of Bitcoin has not ended its fall just yet - and it can drop to $4000.
Bitcoin reaching these values might turn out a giant surprise for some investors who irresponsibly borrowed money from banks and invested at $18,000. But this 4000-dollar scenario is not necessarily going to happen: if the cryptocurrency reaches $11,000 in its current growth, JPMorgan analysts predict further rally towards $16,000.
In the end, it all depends on the investors’ behavior, and it is sometimes dictated by irrational thoughts, as correctly noted by Ben Carlson from Ritholtz Wealth Management last year.
Last week one could have witnessed how Bitcoin regains price lost since Monday. The turning point, it seems, was the parliamentary session in the United States where the leaders of two powerful regulators overall suggested to protect consumers and even told about what backs Bitcoin.
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