J.P. Morgan analyst Nikolaos Panigirtzoglou holds that the current stability in Bitcoin’s price is what institutional investors are looking for. However, regulatory obstacles might slow the process down.
Bitcoin Price Stability Needed for Institutional Money
Speaking on CNBC’s “Futures Now”, J.P. Morgan analyst Nikolaos Panigirtzoglou expressed his newfound faith in Bitcoin’s current condition.
According to the trader, the current stability in the cryptocurrency’s price is what institutional investors are looking for to enter the market.
The stability that we are seeing right now in the cryptocurrency market is setting the stage for more participation by institutional investors in the future. […] The cryptocurrency market was a new market. It went through a bubble phase [and] the burst. – Said the analyst.
He holds that companies will be re-entering the space also because the importance of blockchain continues to grow.
However, the analyst also says that this could be years away from now, as regulatory obstacles are currently roadblocking. In his words, regulators are a “bit slow to realize.”
Panigirtzoglou’s recent bullishness comes a couple of months after he said that institutional participation in Bitcoin trading “appears to be fading.”
Bitcoin Price Down 2% in 24 Hours
Meanwhile, the cryptocurrency is down with almost 2 percent in the last 24 hours, according to data from CoinMarketCap. Bitcoin is trading at $3,411.60 at the time of this writing.
Commenting on the current conditions of Bitcoin’s price was cryptocurrency trader DonAlt.
Closed below support, not looking too pretty. BTC needs to reclaim supports quickly otherwise I expect it to go for the previous lows. If those don’t hold I’m looking at 2900~.
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