Bitcoin Price Analysis: JPM atunnkanka Dabaa Idi sile Recent Rally

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JP Morgan Chase analysts, led by Nikolaos Panigirtzoglou, published a research work detailing the reason behind the recent Bitcoin (BTC) boom. The research explained that the hype surrounding the first-ever approved Bitcoin futures ETF in the US is not responsible for the rally, instead inflation is driving BTC to record highs.

ProShares Bitcoin Strategy ETF, BITO, went live on the NYSE last Tuesday and has amassed over $1 billion in investments. A second, Valkyrie Bitcoin ETF (BTF), launched on the NYSE last Friday.

The JPM analyst team asserted that: By itself, the launch of BITO is unlikely to trigger a new phase of significantly more fresh capital entering Bitcoin. The analysts added that:

“Instead, we believe the perception of bitcoin as a better inflation hedge than gold is the main reason for the current upswing, triggering a shift away from gold ETFs into bitcoin funds since September.

The initial hype with BITO could fade after a week.”

The price of BTC spiked to a record high of $67,000 earlier this week but has dropped to the $61,000 level (at press time). The benchmark cryptocurrency has increased by over 40% since the start of the month and over 90% since the start of the year.

Awọn ipele Bitcoin bọtini lati Wo - Oṣu Kẹwa 24

BTC has fallen below the $62,000 area amid a sharp reversal from overbought conditions. We expect a bearish correction to the $60,000 or slightly lower over the coming hours and days, followed by a rebound into the $63,000 – $64,000 pivot area.

Our bullish prediction comes as the 4-hour MACD line drops to the -570 level, indicating that market conditions are now ripe for a sharp bullish rebound.

Nonetheless, in the event of a bearish continuation below $60,000, we expect the $59,000 line to repel any further declines.

Nibayi, awọn ipele resistance wa ni $ 66,000, $ 67,000, ati $ 68,000, ati awọn ipele atilẹyin bọtini wa ni $ 64,000, $ 63,000, ati $ 62,000.

Lapapọ Iṣowo Ọja: $ 2.51 aimọye

Iṣowo Iṣowo Bitcoin: $ 1.13 aimọye

Ijọba Bitcoin: 45.3%

Ipo Ọja: #1

 

O le ra awọn owó crypto nibi: ra àmi