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Bitcoin Now Predicted to Make Major Comeback by Former Critic

  • Alex Morris
    📰 News

    JP Morgan expert is backpedaling on his earlier bearish prediction, seeing Bitcoin’s current stability as a positive sign for institutional adoption


Bitcoin Now Predicted to Make Major Comeback by Former Critic
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Contents

CNBC reports that JP Morgan analyst Nikolaos Panigirtzoglou is betting on Bitcoin after previously voicing his bearish prediction in December. He is certain that more institutional investors will dip their toes into the cryptocurrency industry due to its current stability.

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Bitcoin isn’t fading  

On Dec. 15, Panigirtzoglou made a claim that major financial institutions are abandoning the flagship cryptocurrency. However, he recently had to switch his stance on that issue as the market is becoming more stable. According to Panigirtzoglou, the ‘bubble phase’ is already behind, and that’s a positive sign for institutional investors.

Blockchain will drive the adoption

The expert also states that Blockchain, the technology that underpins cryptocurrencies, will make Bitcoin more enticing for cryptocurrency investors. As U.Today reported earlier, the importance of Blockchain is rapidly growing with numerous industries (from finance to healthcare) trying to capitalize on it.


Hold your horses

Panigirtzoglou predicts that the adoption won’t happen overnight (it could take years to win over institutions). Not surprisingly, regulatory uncertainty remains the main obstacle in that regard.
Wyoming is already making huge progress by recognizing cryptocurrencies as legal property. Meanwhile, Bakkt is soon expected to launch its Bitcoin futures that are poised to be an icebreaker when it comes to sparking widespread adoption.

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Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader


Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader
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It’s been over two weeks since Bitcoin’s astronomical surge on Apr. 2, but new theories about what might have caused this bullish uptick continue to pop up. According to crypto-oriented analytical firm CoinMetrics, that epic surge was causes by a single trader.

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Mammoth-size trades

CoinMetrics claims that ‘a single committed trader’ concocted a plan to push the BTC price, and he successfully managed to do that by picking the time of the day when the global liquidity is at its lowest level.


(Source: CoinMetrics.io)

(Source: CoinMetrics.io)  

The report also suggests that the trader started to execute his plan on HitBTC (500,000 USDT were traded for Bitcoin prior to the price movement). After that, large trades were observed on Coinbase and Bitfinex.      

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Focusing on the future

Meanwhile, as reported by U.Today, another theory states that the rapid price surge was triggered by the expiration of the CME futures contracts and heavy spot and over-the-counter buying. One expert went as far as claiming that a simple April joke about the Securities Exchange Commission (SEC) could do the trick.

While no one is quite sure about what could have triggered the short-living rally, there is even a bigger disconnect when it comes to Bitcoin price predictions. While some share their bullish predictions for 2019, another report states that it could take 22 years for Bitcoin in order to match its current ATH of $20,000.

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