empty
 
 
31.05.2022 09:57 AM
Sentiment for Bitcoin

This image is no longer relevant

Sentiment for Bitcoin seems to be changing in a positive direction, as some see a buying opportunity in the recent sell-off.

According to JPMorgan Chase market analysts: the leading digital currency is significantly lower than its fair value, and, accordingly, there is a great growth potential compared to current prices.

Although the US markets were closed for the long Memorial Day weekend, cryptocurrencies were open, albeit with less activity.

Bitcoin started the week positively: prices exceeded $ 30,000.

In their note, JPMorgan analysts said that bitcoin is undervalued by about 28%.

In their opinion, bitcoin prices will soon return to $ 38,000 per token.

Marcus Sotiriou, an analyst at GlobalBlock, a British digital asset broker, said that to attract new capital, bitcoin must hold positions above $ 29,000.

This image is no longer relevant

Western analysts also drew attention to the fact that the 6% rally of the S&P 500 last week may create some traction for bitcoin, as risk appetite returns to the market.

This image is no longer relevant

However, other strategists have described the recent jump in stock markets as a classic rally. Nevertheless, growing fears about a recession may affect investor sentiment.

Irina Yanina,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback