JPMorgan’s Global Market Strategist Nikolaos Panigirtzoglou says that Bitcoin could make a resurgence on Wall Street

An analyst from JP Morgan is reported to have stated his bullish stance towards crypto in an interview with CNBC recently.

While it may be a common thing an analyst does, it stands out when the company he works for is widely-known for an opposite stance.

The analyst, Nikolaos Panigirtzoglou believes that cryptocurrency market is on the “stabilizing phase” as of now and that it’s set up for the arrival of institutional investors.

“The cryptocurrency market was a new market. It went through a bubble phase [and] the burst,” he said.

He further stated his belief that it will continue to trade sideways, at least for the time being.

Panigirtzoglou is quite hopeful that the massive development that happens in the space will catalyze crypto growth, however, he is not confident enough to claim that the institutions are just “right on the corner” as he said regulators are now holding the keys to that.

“The big obstacle is regulators right now. They’re a bit slow to realize,” he added.

That said, he remains optimistic, despite his company’s pessimism, that the BTC fever is very likely to return to Wall Street, particularly when companies’ interest in cryptocurrencies are “renewed” with the growth of stability.

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