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Bitcoin Price Repeats 2017 Rise-and-Fall Pattern: JP Morgan Analysts

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  • Yuri Molchan
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    JP Morgan’s team has analyzed the current Bitcoin price pattern and says that it mirrors the path BTC made on charts in late 2017

Bitcoin Price Repeats 2017 Rise-and-Fall Pattern: JP Morgan Analysts
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Contents

Bloomberg reports that on Friday, JP Morgan’s analysts, among who was Nikolaos Panigirtzoglou, issued a customer note saying that Bitcoin’s price is currently copying its moves back in 2017, which first led to a massive rise to over $19,000 and then made the market collapse.

JP Morgan analyses what it believes to be a bubble and fraud

The analysis shows that the major crypto coin has spiked ahead of its ‘intrinsic value’, thus repeating a similar rise two years ago, when Bitcoin price soared to reach an ATH over $19,000.

These conclusions were achieved after JP Morgan’s analytical team treated Bitcoin as a commodity and calculated its production cost, taking into account computation power, cost of electricity bills and the efficiency of hardware. They wrote:

Over the past few days, the actual price has moved sharply over marginal cost. This divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved mostly by a reduction in actual prices.”

Back in December 2017, Bitcoin’s price quickly managed to break through the $19,000 area and then suddenly dropped, staying in the lows until April this year, when it managed to fix around the $8,000 level.

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Bitcoin is on the brink of the ‘next parabolic cycle’

Another expert has recently shared his view with Bloomberg, saying that Bitcoin may be at the start of its next parabolic cycle. These were the words of the chief analyst from eToro, Mati Greenspan.

Along with him, many other experts believe that Bitcoin is at the start of its massive price surge, including Max Keiser, Mark Mobius, John McAfee with his $1-bln BTC price prediction. and others.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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