Morgan Stanley Speaks On Bitcoin

Investing behemoth Morgan Stanley ($MS@US) has generated research on the cryptocurrency market, pointing out that Bitcoin is correcting and investors should not be alarmed. In a report first seen by CoinDesk, the bank’s head of cryptocurrency research, Sheena Shah, said that a correction of this magnitude is historically normal. Shah noted that Bitcoin has seen 15 bear markets since 2009, and the current correction falls within historical trends. In the report, Shah also said, “If Bitcoin trades below $28,000, the market may expect further weakness as this is around last year’s lows. On the upside, $45,000 is the level to watch because that would suggest the recent downtrend may be turning around.” Further statements included, “crypto investors may need to be patient if we are in the middle of a bigger risk market correction.” At press time, Bitcoin was trading at just over $37,000, down nearly 2% on a shrinking market cap and increasing volume.