Tuesday, June 25, 2024

JPMorgan predicted a decline in bitcoin to $ 25 thousand

Investment bank analysts believe that the signals of the crypto market remain bearish, despite the rebound of the main cryptocurrency to $ 34 thousand after falling to $ 28.8 thousand.

Analysts at the investment bank JPMorgan predicted that the cost of bitcoin could drop to $ 25 thousand, writes Bloomberg .

According to analysts, a decline in quotations could provoke a possible sale of shares of the Grayscale Bitcoin Trust bitcoin fund after the expiration of a six-month blocking period.

JPMorgan noted that it maintains a negative outlook for bitcoin despite the fact that its price returned to $ 34 thousand after falling to $ 28.8 thousand on June 22.

“Despite the rebound this week, we do not want to abandon our negative outlook for the Bitcoin markets and cryptocurrencies in general. Despite some improvement, our signals generally remain bearish, ”the bank explained.

According to analysts, in current conditions, the real value of the main cryptocurrency is in the range of $ 23-35 thousand.

The Grayscale Bitcoin Trust functions similarly to an ETF in that it is secured and priced at Bitcoin. It is not registered with the US Securities and Exchange Commission (SEC), so only accredited investors have access to it. On June 23, it became known that ARK Invest Katie Wood invested in this fund .

On June 22, the cost of bitcoin for the first time since January fell to $ 28.8 thousand. On June 24, it is traded at $ 34 thousand. Over the past month, bitcoin has fallen in price by 11%.

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