Since the year 2021 began, the Bitcoin price had been surging and it continued hitting all-time highs. Over the course of months, as the price of Bitcoin (BTC) continued surging, more mainstream adoption kept coming to the platform.
However, the BTC price started deteriorating starting mid-April. While many thought that BTC would soon make a comeback like the rest of the times, it has turned bearish for more than 8 weeks.
When Bitcoin faced a demise in mid-April, its price went down to $48k per BTC from $64k per BTC. Since then now, its price has dropped all the way down to below $35k per BTC.
As the current week started, the BTC price even dropped lower than the $30k mark before making a comeback to above $30k per BTC. It was just yesterday when the cryptocurrency showed a promising surge in its price, as it hit the $35k per BTC figure.
Unfortunately, it was not able to hold its ground above the $35k market and its price ended up experiencing a drop.
According to JPMorgan, the constant bearish run being demonstrated by Bitcoin may have a long-lasting impact on its adoption. The research conducted by JPMorgan analysts shows that the bearish run could prove extremely disadvantageous for the cryptocurrency.
As per research, the public sentiment is constantly becoming bearish when it comes to cryptocurrencies. They are constantly losing trust in the potential and future growth of Bitcoin given the current circumstances involving this crypto.
During the constant bullish run of BTC, JPMorgan had predicted that the price of this cryptocurrency would eventually cross the $140k per BTC by the end of 2021.
Unfortunately, with the current market trends and Bitcoin’s bearish run, JPMorgan analysts have taken the initial BTC price prediction off the table. The major reason behind Bitcoin’s current downfall is the mass cracking down being conducted by the Chinese regulators.
As a result, the cryptocurrency mining centers are constantly closing down in China. This is the reason why the price of Bitcoin (BTC) is experiencing a downfall. Furthermore, another major reason dragging the price down is the boycott of Bitcoin mined through mass carbon-emitting sources.
As Bitcoin’s price continues to drop, the mainstream institutions are losing their interest in Bitcoin. Therefore, if it does not gain in on its price soon, it would end up losing the support of mainstream institutions.
If that happens then Bitcoin would end up losing more than what it has lost already. Once again, Bitcoin would end up experiencing the same price drop it experienced back in 2018.