Bitcoin short-term setup is challenging, JPMorgan strategists warn
Bitcoin and the crypto market are at the beginning of a healing process, JPMorgan analysts say in a note. Bitcoin’s (BTC) weekend dance between $30,000 and $34,000 seems to strengthen the short-term uncertainty narrative, as JPMorgan strategists believe the cryptocurrency market is not yet healthy.A Friday note from the JPMorgan Chase team suggested that the near-term setup for Bitcoin still looks challenging. Based on the on-chain data, JPMorgan strategists said that “there is likely still an overhang of underwater positions which need to be cleared through the market.” JPMorgan lists the....
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Bitcoin has been on another recovery trend since this past weekend. It has continued on this path which has seen its balance above $44K. For most, this is a low value given that the digital asset was at $69K a few months ago. However, for JPMorgan strategists, this is not the case. Even at the current price which bitcoin has struggled hard to attain, strategist Nikolaos Panigirtzoglou believes that BTC is still overvalued. Bitcoin Fair Value Is 12% Less In a recent research note from JPMorgan, strategist Nikolaos Panigirtzoglou and others share thoughts around bitcoin. Even though the....
Bitcoin is increasingly competing with gold as an investment asset and has scope for substantial gains over coming years, according to JPMorgan strategists.
JPMorgan’s long-term theoretical target for Bitcoin stands at $150,000, up from $146,000 forecasted in January 2021. Amid Bitcoin (BTC) posting a significant price recovery since early February, JPMorgan analysts suggested that the “fair value” of BTC is actually lower than its market price on Tuesday.The current fair-value level for BTC is around $38,000, JPMorgan strategists said in the bank’s latest investor note published on Tuesday. Led by JPMorgan crypto market analyst Nikolaos Panigirtzoglou, the strategists estimated the “fair value” based on Bitcoin being nearly four times as....
The BTC price is at a crucial inflection point, according to JPMorgan strategists. Grayscale Investments, the world’s largest digital-asset manager, could hold the key to Bitcoin’s (BTC) short-term price outlook, according to JPMorgan Chase. As Bloomberg reports, strategists led by Nikolas Panigirtzoglou believe Bitcoin could lose its luster over the short-term unless it can “break out” above $40,000. The flagship cryptocurrency breached that key level on two occasions this month, once in the lead-up to new all-time highs near $42,000 and the other just last week. The strategists....
Despite the FUD around stablecoins, the percentage of stablecoins in the total market cap has been growing recently, hitting new all-time highs. The rapid surge in share of stablecoins like Tether (USDT) in the cryptocurrency market may point to an upcoming crypto upside, according to analysts at the American investment bank JPMorgan Chase.The percentage of stablecoins in the total crypto market value has been on the rise, reaching new historical highs in mid-June, JPMorgan strategists believe. Led by JPMorgan crypto market analyst Nikolaos Panigirtzoglou, the analysts provided their....