However, it seems that it is too early to be relieved as there is a forecast that the future direction of bitcoin will be influenced by the possibility of recovering $40,000 sooner or later.
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According to CoinMarketCap, which averages the prices of major exchanges traded in dollars as of 9:50 pm on the 18th (local time), the price of bitcoin is trading at the $37,000 level, which is close to 5.4% compared to 24 hours ago. Accordingly, the market capitalization of Bitcoin is $689.9 billion, aiming to recover to the $7,000 range.
According to Bithumb, one of Korea’s leading virtual asset exchanges that are traded in Korean won at the same time, the bitcoin price has risen by 4.6% from 24 hours ago to 40.5 million won.
This bitcoin price rebound is interpreted as reflecting the expectation that the proportion of bitcoin investment by investors is continuously expanding.
In a survey conducted by Bitwise Asset Management, a virtual asset index fund company, to 1,000 financial advisors in the U.S., they said that bitcoin accounts for 9.4% of the current client portfolio. This is a whopping 3.1 percentage point higher than 6.3% a year ago.
However, it is predicted that whether it can settle above 40,000 dollars in a short period of time will determine the direction of the bitcoin price.
On this day, JPMorgan picked the $40,000 line of Bitcoin as an inflection point that will influence the future price flow. Nikolaos Panigirchoglow JP Morgan Strategyist said, “If bitcoin doesn’t break above the $40,000 mark sooner or later, trend-sensitive investors can get out of bitcoin massively.” It is predicted that the price of bitcoin will be influenced by the purchase trend of Grayscale Bitcoin Trust, the largest trust product of $22.9 billion in total.
He predicted, “With the Grayscale Bitcoin Trust, it may not be easy to break through $40,000 unless an average of $100 million per day continues to flow in for the time being.”