JPMorgan strategists warn that Bitcoin could fall to $ 25,000 next month
JPMorgan strategists warn that Bitcoin could fall to $ 25,000 next month
- Bitcoin is still fighting to break over 35,000 $ 3, and in the last step the digital asset has returned to the level of USD 32,000, where it enjoys strong support.
- jpmorgan strategists have predicted that Bitcoin will no longer hold $ 30,000 in the coming month and will slip to $ 25,000, accelerated by Grayscale, which unlocks a considerable amount of GBTC shares.
Since Bitcoin has fallen below $ 40,000, it has been difficult to get back above this level. In the past few days, the digital asset has fallen below $ 35,000, which Fuden was heated against by Fud due to China's raid against cryptocurrencies. Although the digital asset has shown strong support in the $ 30,000 position, JPMorgan strategist warn that it could continue to slip on the middle level of USD 20,000.
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Since the highest level of almost $ 65,000, Bitcoin has lost half of its value at the beginning of the week and tested the support of $ 30,000. The recovery of these levels was proof that there is a strong support and high demand at these levels.
Under the direction of Nikolaos Panigirtzoglou, the JPMorgan team has warned investors that Bitcoin will continue to fight with the GBTC shares that are to be activated in the coming weeks. The sale of shares in combination with the latest retail sell -up near the high of $ 40,000 means that the token will continue to have difficulty breaking out. The analysts found;
Despite the correction this week, we hesitate to give up our negative outlook for the Bitcoin and cryptoma markets in general. Despite some improvements, our signals remain bearish overall.
recently grayscale announced" that one day investors receive access to 16,000 BTCs in the trusts in July. The event will probably trigger a lot of volatility. JPMorgan believes that this will increase the offer with little demand that pulls the prices further down.
jpmorgan: GBTC could trigger volatility
Grayscale has advanced institutional Bitcoin purchases in the past two years. By developing tools to store and managing cryptocurrencies, the company has encouraged institutional investors to invest and indirectly participate in the market. These stocks are regularly blocked, which also guarantees the institutes to keep digital assets in the medium to long term. The upcoming activation of 16,000 BTC is a significant amount that comes for the digital asset at an early stage. As such, it could trigger a costly panic sale.
Some analysts contradict the investment bank's view that the position of $ 30,000 is the low point. In view of the low positive development around the digital asset, these experts expect it to be traded in the range of $ 30,000 to $ 40,000
The analysts of JPMorgan do not expect a complete surrender, unless the prices fall below $ 25,000. "It would still require price returns to the $ 25,000 mark before a long-term momentum would signal a surrender," added the note.
Bitcoin price update
Bitcoin has lost around 2 percent in the last 24 hours and deals with almost $ 34,000. In the past 7 days, the digital asset has lost almost 15 percent with a market capitalization of just over $ 600 million according to our data. While Bitcoin has problems, the majority of the top alcohols have a positive performance, with those like Doge, Ethereum Classic etc and Cardano Ada more than 5 percent. Others like Tron Trx have earned almost 20 percent in the last 24 hours.
Source: Crypto-news-flash.com
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