JPMorgan analysts do not rule out Bitcoin dropping to $25,000

A potential sale of shares in the Grayscale Bitcoin Trust after the six-month lock-up period could put further pressure on cryptocurrency prices, JPMorgan strategists warned. Bloomberg reports this.

On Tuesday, June 22, the price of Bitcoin fell below the $30,000 level, but by the next day had risen back above $34,000.

“Despite the correction this week, we do not want to back away from our negative forecast for Bitcoin and the cryptocurrency markets in general. Despite some improvement, our signals remain broadly bearish,” said JPMorgan strategists.

Analysts put Bitcoin’s mid-term intrinsic value at between $23,000 and $35,000.

“Further price declines to the $25,000 level will be required before long-term momentum signals capitulation,” said JPMorgan experts.

Earlier, they confirmed Bitcoin entering a bear market.

Robert Kiyosaki, the author of the bestseller ‘Rich Dad Poor Dad’ and entrepreneur, predicted Bitcoin’s price would fall to $24,000.

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