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Grayscale Holds The Key To Bitcoin’s $40k, Says JPMorgan

The world largest digital-assets and investment manager, Grayscale Investments, could determine if Bitcoin would hit $40k in the coming weeks or not.

According to a team of strategists and analysts led by Nikolaos Panigirtzoglou at JPMorgan Chase & Co., the cryptocurrency could be hurt by an exodus of investors following trend unless it hits $40,000 soon. However, they added, the pattern of demand for Bitcoin futures and Grayscale Bitcoin Trust’s $22.9 billion could be pivotal to the Bitcoin hitting $40k.

The strategists wrote in a note:

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.

Bitcoin traders propagating correction

The Cryptocurrency with the largest market share breached $40,000 twice this month. Once, it led to an all-time high of near $42,000 and the other time was last week. At 22:11 GMT on Monday, Bitcoin was trading at $36k.

The path to least resistance could be lower if BTC fails to hit $40k. Trend-following traders would cause Bitcoin price to correct from the past week.

Bloomberg reported the analysts to have said:

Trend-following traders “could propagate the past week’s correction” and “momentum signals will naturally decay from here up till the end of March” if Bitcoin’s price fails to break above US$40,000.

What has been driving the Bitcoin price remains unclear. Analysts and commentators are divided. While some have insisted on day traders and wealthy buyers, others have cited hedge funds, companies, and even insurers.

Grayscale exerts considerable influence

The impact of Grayscale on the Bitcoin markets continues to soar. Grayscale’s average week inflow digital-asset products reached an all-time high of $250.7 million in the fourth quarter of the last year. On average, Grayscale generated $217.1 million in weekly inflows.

Earlier, Cointelegraph reported that Bitcoin’s price had a good spike after Grayscale reopened its services to new investors on Jan. 13.

Notwithstanding, Chris Iggo of Axa Investment isn’t sure about Bitcoin’s appeal to large institutions.

The chief Investment officer of core investments at Axa Investment Managers wrote in a note:

I dread to think what most risk officers would think about that being in a core investment portfolio. For assets to be considered in a long-term investment portfolio one should be able to attach some fundamental intrinsic value to them.

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