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Trader Says XRP Is Still Facing Major Bearish Pattern
Earlier this Thursday, Bitcoin surged to an intraday high of $92,790 before giving up some gains.
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As reported by U.Today, the banking giant correctly predicted a Bitcoin correction in late February.
Skepticism surrounding the crypto reserve
In a recent note, Nikolaos Panigirtzoglou, a managing director at J.P. Morgan, has noted that some are skeptical about whether or not the crypto reserve initiative will actually manage to gain congressional approval. Moreover, he mentioned that it is not clear how feasible it will be to include tokens such as XRP and SOL in the reserve given how volatile they are.
Panigirtzoglou also pointed to the fact that various state-level efforts to introduce strategic Bitcoin reserves have failed miserably even in conservative states such as South Dakota.
Waning institutional demand
Panigirtzoglou has noted that institutional investors have seemingly reduced their positions. According to JPMorgan, the lack of bullish catalysts has led to waning momentum. More position unwinding could take place in the near future, according to the analyst.
JPMorgan has also noted that it is now more challenging for MicroStrategy to raise debt due to investors demanding better terms.
#Bitcoin Price Prediction
