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

The premier cryptocurrency, Bitcoin (BTC) may tumble further if the price does not recover above the psychological mark of $40,000. This is the opinion of strategists at JPMorgan Chase & Co, Bloomberg reports.

One of the bank’s chief strategists, Nikolaos Panigirtzoglu pointed to the potential pressure of trend-following players if the price does not “break out” above the resistance of the emerging triangle top. Panigirtzoglu believes that analyzing the demand for Bitcoin futures and shares of the Grayscale Bitcoin Trust (GBTC) may be the key to understanding the situation.

Data: Bloomberg

“The pattern of demand for Bitcoin futures and the Grayscale Bitcoin Trust, the largest traded crypto fund, will provide clues about the outlook. The flow into the Grayscale Bitcoin Trust would likely need to sustain its $100 million per day pace over the coming days and weeks for such a breakout to occur,” — the strategists said in the report.

In their conclusions, Panigirtzoglu and other analysts relied on the price pattern of the leading cryptocurrency at the end of November, when the level of $20,000 was such a benchmark for the bulls. The inflow of funds into the Grayscale Investments bitcoin trust helped to rally above that level.

At round 20:35 GMT, Bitcoin is trading at around $36,350 on Bitstamp, up 0.18% in the last 24 hours.

Notably, on January 16, the CEO of Grayscale Investments, Michael Sonnenshine, announced a record daily inflow of funds into the company’s products in the amount of $700 million.

“It looks like fourth-quarter momentum is gaining momentum in the new year,” he suggested.

According to the quarterly report of Grayscale Investments, the increase in GBTC in October-December was proportional to 194% of the emission of Bitcoin over the same period. During the year, the Bitcoin volume held by the company rose from 1.45% to 3.31%.

Meanwhile, Grayscale Investments is currently managing over 570,000 bitcoins, according to  Bitcoin Treasuries. In total, institutional investors have bought more than 1 million bitcoins, which are currently worth about $40 billion.

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/jpmorgan-strategists-say-bitcoin-could-drop-unless-it-breaks-above-40000/

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