Salutations.
I suppose I should start off with the obligatory first post statement of I am long-time watcher of this eclectic thread. It can be quite entertaining at times. In regards to the recent price action and wall watching or whatever it is that is done here. It seems as if Wall Street has already determined what Bitcoins value is going to be with a volatility ratio comparison to gold. I am not quite certain how I feel about this, especially coming from JPMorgan. Literally in my opinion the belly of the beast. Any comments or thoughts from the esteemed members of this community?
Panigirtzoglou and his team have our call of the day, giving bitcoin a fair value of $23,000 to $35,000 over the medium term, based on the relationship between its volatility and gold’s, as the crypto faces new headwinds.
https://www.marketwatch.com/story/heres-how-much-bitcoin-is-worth-says-jpmorgan-as-crypto-faces-this-summer-headwind-11624533578 Welcome to the thread, WaltKitty.
You are going to need a lot of luck and training if you believe that Wall street has much if anything to do with the BTC's price, except for perhaps some short-term periods in which they may be able to capture it (or say that they had captured it).. yes.. for short periods.
If it were up to Wall street, BTC prices would still be below $500 and they lost that battle in early 2016. Sucks for them .. the pompous asses. .who do not even adequately account for what bitcoin happens to be.
So sure they will continue to have more battles to keep BTC's price where they would like it to be (and to proclaim that they are keeping it there). I could probably give you a litany of examples, but it is a BIG ass waste of time, and you have to figure that out for ur lil selfie.. whether it takes you a few weeks to figure it out or you dabble with those kinds of misconceptions for 10 years or longer when you could have just been buying bitcoin.
In other words, inevitably, just like 2016, your lil Wall street buddies have to change their purported price control reference points in order to make it seem that they have any kind of semblance of an idea about what is happening and to appear as if they have control beyond relatively short periods of time.