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It’s been almost two weeks since the price of bitcoin took a dive to $30,000, but institutional investors have so far held off on buying the dip, according to JPMorgan research.
While there are signs prices will stabilize following the correction, they may pull back even more before that happens, according to a note issued Tuesday by JPMorgan, which provided an analysis of bitcoin’s near and long-term valuation.
“It now seems unlikely that we see this volatility ratio returning to the x2 levels of last summer. The best we can hope for over the medium term is for this volatility ratio to partially revert from around x6 currently to around x4 by year end,” wrote strategist Nikolaos Panigirtzoglou said in the note.