Summary List Placement
Institutions are not buying the dip in bitcoin, according to a Wednesday note from JPMorgan. 
The bank said the fair value of bitcoin over the medium-term could range from $23,000-$35,000.
Headwinds still exist for bitcoin, including the end of a six-month lock up period for nearly $4 billion worth of the Grayscale Bitcoin Trust.
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The recent decline in bitcoin may take time to recover as institutions fail to step in and buy the dip, according to a Wednesday note from JPMorgan.

The bank sees the fair value of bitcoin over the medium-term at $23,000-$35,000, based on the current volatility ratio of bitcoin to gold. Previously, JPMorgan outlined how bitcoin could hit $140,000 if it matches the allocation and volatility profile of gold.

But on Wednesday, the bank said, “full convergence or equalization of volatilities or allocations [between gold and bitcoin] is…

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