Analysts at JP Morgan, an American multinational investment bank and financial services company headquartered in New York City, as per a recent press release statement published on Thursday, Jan. 24th 2019, are predicting that the Bitcoin (BTC) is expected to experience a further deep nosedive, could go below $1,260. Further, they also clarified that it will take another 3 to 5 years, for the banking sector to experience the blockchain benefits.
The analysts are of the view that the true value of cryptos, remains still unproven, and only in a hypothetical “dystopian” event, when investors have lost all faith and hope of revival in major traditional assets like gold and the US dollar, they actually make sense. The analysts further stated that in extreme scenarios such as a recession or financial crises, options like liquid assets and other less-complicated transacting, investing and hedging instruments are more appealing than cryptocurrencies.
The New York-based firm also said that over the past 6 months, lesser institutions are involved in crypto related transactions and only individual traders take up the majority market space. The firm, based on its NIL findings of crypto accepting retailers in 2018, claims that crypto payments will remain “challenged”.
Fearing, the current bear market, the analysts predict that Bitcoin could fall to around $2,400, and could even fall below $1,260. BTC is currently trading at $3,595.