It’s been almost two weeks since the price of bitcoin took a dive to $30,000 per token, but JPMorgan says institutional investors have so far held off on buying the dip.

While there are signs prices will stabilize following the correction, they may pull back even more before that happens, according to a note issued Tuesday by the bank, which provided an analysis of bitcoin’s near and long-term valuation.

“It now seems unlikely that we see this volatility ratio returning to the x2 levels of last summer. The best we can hope for over the medium term is for this volatility ratio to partially revert from around x6 currently to around x4 by year end,” strategist Nikolaos Panigirtzoglou wrote in the note.