Bloomberg News reported on the 18th that a forecast from JP Morgan, the US investment bank (IB), that if the price of bitcoin does not cross the $40,000 level again, it could face further downside risks.
According to this, JPMorgan’s strategist Nicolaos Faniger Choglow and others predicted in an investor’s memo on the 15th that the demand for bitcoin futures and the flow of funds from Grayscale, the world’s largest cryptocurrency manager, will give clues to the future bitcoin price outlook. .
He said that if bitcoin does not exceed $40,000, investors following the trend will move away, spreading the mood for price adjustment, and the momentum will naturally weaken until the end of March.
Bitcoin, which has been on the rise since last year, peaked at $42,000 on the 8th of this month and then fell back and is currently moving at the $35,000 level.
JPMorgan said that the recent flow of bitcoin was similar to the situation that was about to break through the $20,000 mark at the end of November last year, and diagnosed that bitcoin was able to continue the upward trend thanks to the flow of institutional investor funds into grayscale at the time.
On the other hand, UBS Global Asset Management, an asset management company, said that if central banks in different countries offer better forms of digital currency or if investment sentiment changes due to regulatory changes, the price of virtual currency may drop to’zero’ (0). The report was released on the 14th.
According to a Bloomberg News report on the 16th, the report pointed out that cryptocurrency prices may rise in the short term, but in the long run, they may face regulatory intervention risks, such as the UK government’s decision to ban the sale of cryptocurrency derivatives to individual investors. did.
/yunhap news
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