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.
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.