By Dana Sanchez
Two weeks ago, strategists for Wall Street giant JP Morgan predicted that one bitcoin could eventually be worth $146,000 if the cryptocurrency’s volatility converges with that of gold, and investors embrace it as an asset class.
After blasting through December and hitting $42,000 or close to it on Jan 8, bitcoin fell by more than 10 percent to $36,000 or less. Now JP Morgan strategists warn that potential corrections could be on the way and investors following trends could cash out en masse unless bitcoin reclaims its $40,000 highs, Bloomberg reported.
If bitcoin can’t break out above $40,000, JP Morgan strategists including including Nikolaos Panigirtzoglou said that traders “could propagate the past week’s correction” and “momentum signals will naturally decay from here up till the end of March.”
Bitcoin was trading at $37,578.67 as of this writing on Tuesday after falling 1.4 percent to $36,014 as of 3:25 p.m. Monday in London.
The bitcoin price has gained almost 300 percent since October as institutional investors and payments giants such as Click here to read entire article