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Bitcoin Price Won’t Exceed $40,000, JPMorgan Says

Bitcoin (BTC) is losing the strength necessary to overcome the key psychological mark of $40,000, Bloomberg reports, citing JPMorgan analysts.

JPMorgan says interest in Bitcoin is waning

According to experts, the flow of money into the Grayscale Bitcoin Trust (GBTC) may have reached its climax.

“Now the influx of institutional money into the Grayscale Bitcoin Trust is not strong enough for Bitcoin to overcome $40,000,” the experts said.

Read also: JPMorgan Strategists Say Bitcoin Could Drop Unless It Breaks Above $40,000

The bank is of the opinion that traders adhering to impulse strategies will continue to exit Bitcoin futures positions, which will negatively affect cryptocurrency pricing.

JPMorgan experts talked about the dependence of the Bitcoin rally on the flow of money into GBTC earlier. Then JPMorgan said that a reduction in investment in GBTC would be a signal for a correction in the leading cryptocurrency.

Assets of GBTC. Source: bybt.com

It is worth noting, however, that this is not the first time that the inflow of institutional funds to GBTC has been declining. Previously, however, Bitcoin did not experience such large declines in price. Over the past couple of weeks, the first cryptocurrency has dropped more than 15%.

Read also: Bitcoin Price Will Drop 50% – Analyst Tom Lee Predicts

Individual interests

JPMorgan experts have long been largely skeptical about Bitcoin. For example, the bank doubts that Bitcoin is capable of hedging risks. According to JPMorgan, due to large drawdowns and high correlation with cyclical assets, bitcoin depends on the economic situation.

Meanwhile, according to a survey by Bitwise Asset Management, more than 30% of respondents said that the price of one bitcoin remained in the region of $25,000 — $50,000. Less than 1% believe that the cryptocurrency will collapse to $7,000 — $10,000.

However, at the time of writing, the BTC/USD trading pair was trading at $33,093, up 0.96% in the last 24 hours.

The cryptocurrency is still trying to stay above the $30,000 level, although it has repeatedly tried to break through this minimum.

If you have any questions and comments on Bitcoin today, use the form below to reply.


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source https://www.earnforex.com/commodities/bitcoin-price-wont-exceed-40000-jpmorgan-says/

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