JPMorgan said that we are in crypto winter and this situation is similar to the 2018 bear market situation.
JPMorgan, Chase & Co. is an American multinational investment bank, did a comparison of the Cryptocurrency market with the history of 2018 of this market.
He figured out many things about the current situation of this market and found that there is a huge similarity to this situation similar to 2018.
As we can see, in the present time almost all old high potential Ethereum, DogeCoin, Litecoin, XRP, dash, digibyte coin’s prices have dropped by more than 60% from them all time high.
Since bitcoin is around 48% down by its peak value.
And 2018 was a very bad situation for these types of coins . In 2018 there was a drop of 99% from the peak. And many Cryptocurrency projects result in a dead project because of these huge crashes of the Cryptocurrency market.
And JP Morgan believes that there is more incoming drop will take place for bitcoin. There is a very high chance that the price of Bitcoin will reduce to around $23,000.
After this statement by JPMorgan about the Cryptocurrency market, Guggenheim’s Scott said $10,000 will be the worst scenario for Bitcoin.
That means the price of bitcoin can never go below $10,000.
Disclaimer: These predictions and speculation are based on the assumptions by crypto experts but it may be wrong in your opinion. So don’t take these predictions and speculation as financial advice. Do your research and understand yourself that what is good and what is bad