Over the past month and a half Bitcoin has made more movements than the entire previous year. Recall from the beginning of April, the main, the cryptocurrency has grown by almost 100 percent and now comes to a critical level of $ 8,000. According to analysts at JPMorgan, the market situation is very similar to what is happening in the auction at the end of 2017.
Features of the new bullrun
A study of similar trends between the market patterns published German economist Holger Schepis. The analyst explained that in mid-spring, the price of Bitcoin suddenly burst considerably higher than the cost of its production. As you can see on the chart, now the cost of generating 1 BTC is almost half its price.
#Bitcoin prices diverge from intrinsic value, carrying echoes of late 2017, says JPM. pic.twitter.com/DImDoSMv8L
— Holger Zschaepitz (@Schuldensuehner) May 17, 2019
Holger noted that the current market rally is very similar to the “echoes of 2017,” when the graph of Bitcoin skyrocketed even in the absence of a serious reason. Except for that hype, of course.
Until recently, JPMorgan has maintained a negative stance on the cryptocurrency market. Bitcoin is here dislike and constantly predict his new drain, even below $ 3000. However, in February the management of the company decided about designing your own coins. Unfortunately, this initiative did not like many kryptonitetm.
Back to Bitcoin. Whether or not the primary cryptocurrency is trading unfairly high relative to its cost? Co-founder of Interchange Dan heald does not think so. Recently, the expert said that the situation around the cryptocurrency market has fundamentally changed from 2017, so there is no point to compare this time period with today.
See also: Chief economist of the Bank of England predicts the substitution of Fiat for Bitcoin.
Bitcoin has the potential to reach 10 thousand dollars, this strap is very important for the entire market of digital assets. According to Tom, was after breaking the round figure in the resistance around cryptocurrencies will start a real HYIP.
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