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JP Morgan says bitcoin will struggle to hit 60k after futures liquidation

  • A top JPMorgan Chase & Co. strategist warned that the current bitcoin trend is worrisome and could create long-term pressure on the market leader.
  • Market trends suggest that there has been a lot of shortage of FUDs but many of these have died down and market observers expect bitcoin prices to rebound to previous highs.

Bitcoin is struggling to accelerate at the present time. Since the tragedy in the form of an $ 8,400 market crash on Sunday, the top digital asset is still looking like its former self. Subsequently, JP Morgan is warning about digital assets. Its strategists believe that the risk of bitcoin remained under $ 60K longer than most holders.

JPMorgan warns of advanced speed decay

JPMorgan Chase’s Chief Strategist, Nicolos Panigiratzoglu, believes that Bitcoin has seen a reset after the previous week’s record liquidation of future markets. It’s not new but Panigirtzoglou is the difference. Former liquidation was seen in the last three examples. Analysts said that there was an overall flow impulse that prompted bitcoin’s response back above significant levels.

Over the past few days, bitcoin futures markets experienced a similar rapid liquidation in mid-February, mid-January last, or late-November last. Momentum signs will naturally decay from here for several months, given their still high levels.

At the time of press, bitcoin is exchanging for $ 55,800 with a slight change in the last 24 hours. Bitcoin has failed to regain this level since going below $ 60K. This is a major psychological condition for digital assets that will provide momentum to reach higher positions.

The strategist warned, “Do we see a repeat of those previous episodes in the current combination. It seems less likely to happen again as the speed decay seems more advanced and thus more difficult to reverse. Flow in bitcoin funds Also appears weak. “

The market trend is opposite to JP Morgan’s

While JPMorgan has a recessionary view of bitcoin, market observers believe that bitcoin is set for a high in the coming weeks. Some of the reasons responsible for the Sunday market crash were Coinbase’s official dumping stock and mining hash rate crash. Both are exposed as FUD engineers to trigger an accident.

This week has also revealed some positive developments, which Venmo has now started to buy and sell its 75M + bitcoins and other cryptocurrencies. Able to do with users Digital Asset Purchase As Low With $ 1, It is a major step towards mass adoption.

Additionally, just a few hours ago, Reuters reported That Canadian digital asset management firm 3iQ has received regulatory approval to list a bitcoin fund (QBTCu.TO) on Nasdaq Dubai. 3iQ notes that the move followed a growing demand for a regulated bitcoin product in the region. It will create a dual listed fund after its launch last year on the Toronto Stock Exchange. The fund currently has more than $ 1.5 billion in management.

The long-term view of bitcoin remains bullish, but in the short-term, it is in equilibrium. Any technical or market news can easily start a new cycle.

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