JPMorgan analystsdollarseries underlines the stability of Bitcoin futures, which they say is a positive sign for the leading cryptocurrency that has been struggling for the past few months. However, analystsdollarser states that in the $30,000 support range, the short-term outlook is “challenging” and BTC could continue to struggle at these levels.
JPMorgan analisdollar series:Bitcoin may struggle at $30k
JPMorgan analystsdollars, named Josh Younger and Veronica Mejia Bustamante, warn that Bitcoin must struggle to protect the $30,000 zone. Additionally, analisdollarser argues that the short-term outlook is “challenging.” They also warn investors that recent sell-offs are to offset losses and state that “deeply pending bottom price buyers” need to be cleared.
Fortunately, Bitcoin has formed strong support above $30,000 with a strong recovery after the drop.Cryptocoin. com, another team from JPMorgan last week warned that Bitcoin could easily drop to $25,000 next month, citing the unlocking of GBTC shares. However, the team concluded that with the price staying above the expected zone, BTC will not capitulate unequivocally if the $25,000 support is not broken.
Bitcoin challenges JPMorgan
On the other hand, the new outlook looks bad in short-term targets. According to analysts, the stability in the Bitcoin futures market is promising for the price to recover. In addition, the increased production cost caused by mining restrictions in China is expected to have a positive impact on prices. FUD aside, the current mining pressure is supporting the price increase as Bitcoin becomes more valuable due to the drastic drop in supply.
At the beginning of the week, Bitcoin rose more than 5 percent to break above $34,000 as analystsdollarserin noted. For now, the $35,000 zone does not allow BTC to pass. However, the crypto king manages to lead the broader market, with some of the best performing altcoins. For example, Ethereum appreciated more than 10% and managed to climb above $ 2,000.
Analisdollarser is split on Bitcoin’s next direction
In recent weeks, the market has witnessed record fluctuations, with price fluctuations triggered by the slightest developments. As such, investors and analystsdollarser are split on Bitcoin’s next direction. The “Fear and Greed Index” for Bitcoin last month outweighs the “extreme fear” that means investors are anxious about the next price action.
Finally, a survey by ‘Stock to Flow’ model developer PlanB found that the majority of investors are no longer confident that Bitcoin will end the year above $100,000.
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