Bitcoin short-term setup is challenging, JPMorgan strategists warn
Bitcoin’s price rise has been a key driver for cryptocurrency’s rise this year. Since the beginning of 2017, the price of Bitcoin has grown more than 3,000 percent. Despite this amazing gain, there are still many people who have a very negative view on Bitcoin. JPMorgan’s Chief Investment Office (CIO) has warned that the cryptocurrency’s price is still inflated, and that they expect Bitcoin to fall to around $3,000 by the end of the year.
BitMEX, the world’s first leveraged Bitcoin exchange, has released a scathing report on Bitcoin short-term setup, casting doubt on the launch of Bitcoin futures. The report was specifically aimed at those who are sceptical of the launch, including JPMorgan CIO Blythe Masters who recently dismissed Bitcoin’s potential for serving as a settlement vehicle for commodities. However, according to BitMEX, the launch of the first Bitcoin futures is a challenge even for the world’s largest derivatives exchange.
Bitcoin has risen to become the second-most-valuable asset on the planet, yet it’s also short-term trading has outpaced equivalent investments. The cryptocurrency has seen a rise in popularity in the past few years, both in online communities and at traditional financial institutions, and it’s now considered a viable investment for millions of people. Through the first quarter of this year, however, the crypto-currency’s return on investment (ROI) has been lackluster—especially when compared to other more traditional investments. In fact, the average Bitcoin investor saw a mere five percent return on investment (ROI) during the first three months of 2018.. Read more about jp morgan bitcoin prediction and let us know what you think.
Bitcoin (BTC), which danced between $30,000 and $34,000 over the weekend, appears to be contributing to the uncertainty in the short term, with strategists at JPMorgan believing that the cryptocurrency market is not yet healthy.
Friday’s note from the JPMorgan Chase team says the near-term outlook for bitcoin still looks challenging. Based on the channel’s data, JPMorgan strategists say there is likely still a surplus of underlying positions that need to be eliminated by the market.
JPMorgan cites the stability of the bitcoin futures market and the possibility of higher mining costs due to the exodus of miners from China as positive factors. The cost of mining bitcoin has historically been linked to its price, as shown by a number of analyses. Thus, an increase in the cost of mining could have a stimulating effect on the price of bitcoin.
The note suggests that the cryptocurrency market appears to be in the early stages of recovery, but not quite healthy yet. David Grider of Fundstrat recommended reducing risk or buying a hedge, Bloomberg reports.
Related: Bitcoin is bouncing around $30,000 and could reach $40,000.
JPMorgan’s announcement was followed by a bounce from the $30,000 level, which is considered a critical support level. According to Cointelegraph Markets Pro and TradingView, the price of bitcoin fell to $30,070 before rising rapidly to $33,445 over the weekend.
Over the weekend, Ricardo Salinas Pliego, Mexico’s third richest man, had positive things to say about the largest cryptocurrency and called bitcoin the new gold. Monday morning, the stock had passed the 35,000 mark.The bank’s chief investment strategist, Kevin book, told investors recently that a short-term rally in bitcoin was likely to be followed by a fall. He said: “The buildup in short-term interest rates points to what we think is the most probable outcome. “The buildup in short-term rates is a normal part of the current environment,” he said. “It’s not unprecedented for them to be elevated for a period of time, and I think we are in that stage now.”. Read more about jp morgan bitcoin estimate and let us know what you think.
jp morgan bitcoin predictionjp morgan bitcoin investmentjp morgan joins bitcoinjp morgan bitcoin 300kjp morgan bitcoin estimatejpmorgan bitcoin forecast,People also search for,Privacy settings,How Search works,jp morgan bitcoin prediction,jp morgan bitcoin investment,jp morgan joins bitcoin,jp morgan bitcoin 300k,jp morgan bitcoin estimate,jpmorgan bitcoin forecast,jp morgan bitcoin gold,bitcoin intrinsic value jp morgan