JPMorgan CEO Jamie Dimon warned customers “Worse than a recession.” According to him, the probability of this worst scenario predicted for the US economy is 20% to 30%. However, other analysts are turning to Bitcoin price. Skybridge Capital expects 300,000 in the long run, while Neko expects $10,000.
“Worse than a recession is possible”
JP Morgan CEO Jamie Dimon told clients on a recent conference call that storm clouds are ahead. This means that, despite the current solid state of the US economy, something worse than a recession is on the horizon. Also, Dimon suggests that the probability of a severe recession is 20% to 30%. Accordingly, a severe recession will have similar consequences as the Fed raises interest rates. Thus, it will have negative consequences for Bitcoin and altcoin prices.
Quantitative tightening and macroeconomic outlook point to “something worse than a recession coming” in the US economy. As the recession slowed the economy, World Bank President David Malpass said:
“The world economy is in danger again. It also faces high inflation and slow growth. Even if a global recession is averted, the pain of stagflation is likely to continue for several years unless massive supply increases are mobilized.”
“Bitcoin is $300,000 in the long run”
Skybridge Capital, an Investment Management firm, recently predicted that the price of Bitcoin would rise to $300,000. As we reported on Kriptokoin.com, Skybridge Capital founder Anthony Scaramucci has a bullish outlook on Bitcoin and ETH. Scaramucci explained that the Bitcoin price could rise to $300,000 in the next 12 to 24 months. Therefore, he recommended that investors “relax” and “stay long”. Scaramucci said:
“The crypto market, we believe most of the leverage is completely outside of this system. So you’re seeing a very strong improvement. In fact, it’s a reminder to investors not to be withdrawn, to fight their own fears, be patient and stay long term.”
“It is possible for BTC price to drop to $10,000”
Neko, a crypto analyst and trader, noted that in the ongoing bearish cycle, the price of Bitcoin dropped to $21,700. This level is the cumulative average breakeven point of all Bitcoin holders at $21,700. Therefore, BTC acts as the key for the price rally. Therefore, Neko says that if this level is lost, it is possible for the price to drop to $10,000.
“Bitcoin drops every September”
Crypto analyst Bleeding Crypto argues that the price of Bitcoin has been falling every September for four years. Accordingly, we will see in which direction Bitcoin will go in September of 2022. However, this also indicates that the current downtrend may not be over.
Santiment warns investors
Over the weekend, the market collapsed, bringing fear to levels last seen in June. On top of that, the leading analytics firm Santiment made a post. Accordingly, the firm expects cryptocurrencies to rebound as long as short trades continue to pile up on exchanges:
“After Bitcoin slumped below $20.9k and Ethereum $1,540 yesterday, the markets showed some rebound. People are afraid of falling back to June levels. For this reason, stock markets see short purchases coming in at high levels. As long as they are betting against the markets, they have a better chance of going up.”
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