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JPMorgan Sees Bitcoin Crossing $40K Again In Coming Weeks, If This Key Condition Is Met

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JPMorgan Sees Bitcoin Crossing $40K Again In Coming Weeks, If This Key Condition Is Met

JPMorgan analysts see Bitcoin (BTC) continuing on its rally above the $40,000 mark, if the Grayscale Bitcoin Trust (OTC: GBTC) continues to sustain inflow above the $100 million mark every day in the coming weeks.

What Happened: If the institutional investors fail to take Bitcoin past the breakout mark, the subdued cryptocurrency rally could face a further setback, JPMorgan analysts are suggesting, as reported by Bloomberg.

The investors who tend to follow market trends “could propagate the past week’s correction” and “momentum signals will naturally decay from here up till the end of March” if Bitcoin does not cross the $40,000 mark in the coming weeks, the analysts reportedly said.

Why It Matters: Bitcoin hit an all-time high of $41,962.36 earlier this month in a rally that left even some ardent supporters dizzy.

The cryptocurrency retreated to near $30,000 levels, only to see another surge past the $40,000 mark last week, albeit briefly.

At press time, Bitcoin (BTC) is trading 2% higher at $36,763.93. Grayscale Bitcoin Trust closed 9.6% lower at $39.34 on Friday.

Read Next: Bitcoin Rally Pause Gives DeFi, Smart Contract Cryptos The Time To Shine

Latest Ratings for GBTC

DateFirmActionFromTo
Feb 2018BuckinghamInitiates Coverage OnSell
Jul 2015WedbushInitiates Coverage OnOutperform

View More Analyst Ratings for GBTC
View the Latest Analyst Ratings

 

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