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JP Morgan Analysts Argue Grayscale Will Determine If Bitcoin's Rally Holds Strong
Summary: Analysts at JP Morgan Chase believe that Grayscale Investments will choose Bitcoin's short-term price outlook, as reported by Bloomberg. Strategists led by Nikolas Panigirtzoglou stated that Bitcoin's price may fall in the short-term if it can not break above the $40,000 level. Bitcoin has topped $40,000 twice last week, reaching as high as $42,000. JP ...
Analysts at JP Morgan Chase believe that Grayscale Investments will choose Bitcoin's short-term price outlook, as reported by Bloomberg.
Strategists led by Nikolas Panigirtzoglou stated that Bitcoin's price may fall in the short-term if it can not break above the $40,000 level. Bitcoin has topped $40,000 twice last week, reaching as high as $42,000. JP Morgan analysts argue that inflow into Grayscale Bitcoin Trust would need to sustain itself at $100 million per day pace over the coming days and weeks for that break-out to come to fruition.
If Bitcoin fails to break $40,000 then the cryptocurrency's value may once again fall, analysts say. At the time of writing, Bitcoin is trading hands for $36,236 and is up 1.22%.
By Emily Mason
Tags: Bitcoin,BTC,JP Morgan
Link: JP Morgan Analysts Argue Grayscale Will Determine If Bitcoin's Rally Holds Strong [Copy]
