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JPMorgan believes that the Bitcoin scenario of 2017 can repeat itself

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Our well-known crypto coin went over a lot of market levels and struggled with many challenges, with the rally becoming more like that of 2017. The rally, which was later followed by an absolute slump. JPMorgan & Chase's strategies begin to compare past and present, looking for similar scenarios for the future. The bank believes it is very likely that this scenario will be repeated in time. This conclusion came as they began to look over Bitcoin as a commodity, calculating the "cost of production," using variables such as processor power, cost of electricity and hardware efficiency.

After collapsing from its top to $ 19,000 in 2017, the price has stayed under $ 4,000 for a long time and has been showing signs of revival since April, surpassing $ 5,000 in the same month. The price so far has been trying to hold over $ 8,000.

Source: Bloomberg Finance L.P.

Graphs: Used with permission of Bloomberg Finance L.P.


 Trader Martin Nikolov

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