Here is what it’ll take to pull bitcoin out of its bear market, according to JPMorgan

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

The ongoing bear market in is showing no signs of ending anytime soon, said in a note on Wednesday. The bank is looking for indications that the worse in bitcoin’s price decline may be behind us, but in order to argue that the bear market is over, JPMorgan wants to see bitcoin’s valuation share of the entire cryptocurrency market rise to above 50%. “We believe that the share of bitcoin in the total crypto market would have to normalize further and perhaps rise above 50% (as it did previously towards the end of 2018) to be more comfortable in arguing that the current bear market is behind us,” JPMorgan explained.

Bitcoin’s valuation share of the entire cryptocurrency market peaked near 70% earlier this year. It currently stands around 46%, according to the bank. Not helping bitcoin is the continued unwind in positions by momentum traders, the bank noted. Additionally, JPMorgan is looking for increased uptake in bitcoin by institutional more...