JPMorgan analyst believes Bitcoin bulls might not be out of the woods just yet

According to JPMorgan analyst Nikolaos Panigirtzoglou, Bitcoin investors should prepare for more selling pressure.

BTC

JPMorgan said Bitcoin price may remain under pressure

At the time of writing, Bitcoin is changing hands at $21,432 on the Bitstamp exchange, recovering from the recent drop.

JPMorgan estimated that Bitcoin’s fair value was $38,000 in May. The largest cryptocurrency fell to $17,600 earlier this month due to overwhelming selling pressure. Bitcoin is down as much as 68.95% from its all-time high. On June 23, Bitcoin’s mining difficulty recorded its second steepest drop of the year.

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