JP Morgan analyst Nikolaos Panigirtzoglou is sharing his thoughts on the current Bitcoin price action, hinting that the top cryptocurrency’s current bear phase may be coming to an end.
In a new interview with CNBC, Panigirtzoglou says that over the past few weeks institutions appear to be reallocating funds from other cryptocurrencies back into Bitcoin, reversing a trend that emerged in April.
“There has been a divergence between Bitcoin and other cryptocurrencies. There was also some institutional interest from Bitcoin into Ethereum back in April, and now we are seeing the opposite. The flow into Ethereum funds has slowed over the past two-three weeks at the same time as the flow into Bitcoin funds has turned less negative.”
This redirection of funds suggests to the analyst that Bitcoin’s recent price appears to be attractive to institutional investors.
Panigirtzoglou also suggests that Bitcoin’s price is more important to institutional investors than Bitcoin’s volatility, which he believes “will normalize from here.”
As Bitcoin dominance (BTC.D) hovers around 45%, the analyst notes that he would like to see Bitcoin dominate 50% of the overall cryptocurrency market.
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