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Bitcoin may have to tumble below $30,000 before major buyers are lured back in, JPMorgan's crypto expert says

Bitcoin may have to tumble below $30,000 before major buyers are lured back in, JPMorgan's crypto expert says

Bitcoin has fallen more than 40% from its April record high.
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Bitcoin may have to drop below $30,000 to lure back institutional investors, a JPMorgan strategist said.




Nikolaos Panigirtzoglou told Insider that big players started to go off bitcoin over its high price.




He said there is little sign of a buy-the-dip mentality and that the bear market may last months.




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Bitcoin may have to slide below $30,000 before institutional buyers are lured back into the market and start pushing the price up again, according to a crypto expert at JPMorgan.One of the key reasons for the recent tumble in bitcoin's price has been a sharp decline in interest from big players, Nikolaos Panigirtzoglou, a managing director and global market strategist at JPMorgan, told Insider.Panigirtzoglou said major buyers were drawn towards bitcoin as the price started shooting up in 2021. But he said the soaring cost then began to put them off."If you ask, right now, institutional investors whether $50,000 or $60,000 is looking like an attractive level for bitcoin, they will most likely say no," Panigirtzoglou said.
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