Bitcoin investors should be prepared for more selling pressure, according to JPMorgan analyst Nikolaos Panigirtzoglou.
Miners may continue offloading their coins well into the third quarter of the year, Panigirtzoglou says.
At press time, Bitcoin is changing hands at $21,432 on the Bitstamp exchange, recovering from the recent drop.
As reported by U.Today, JPMorgan estimated that Bitcoin’s fair value was $38,000 in May.
On June 23, Bitcoin’s mining difficulty recorded its second-biggest drop of the year.