Bitcoin investors should be prepared for more selling pressure, according to JPMorgan analyst Nikolaos Panigirtzoglou.
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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.
Yuri Molchan
Tomiwabold Olajide
Gamza Khanzadaev
