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JPMorgan Strategists Warn Short-term Setup of Bitcoin is challenging

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Jun 26, 2021

It has been a while since Bitcoin (BTC) has been showing a similar kind of a trend when it comes to its pricing. Over the weekends, the price of Bitcoin goes around $30,000 per BTC. On the other hand, during weekdays, the price of Bitcoin revolves around $34,000 per BTC figure.

This is a short-term change that Bitcoin has been experiencing for several months and as a result, a lot of uncertainty is being felt throughout the crypto-verse. Investors are currently finding it really difficult to believe in the strength of Bitcoin.

Due to this, the investors are moving away from investing in Bitcoin and are preferring to stand back and monitor the market situation.

Despite the Bitcoin market dip in the initial part of the year, JPMorgan had decided to back Bitcoin up. Despite Bitcoin facing several price dips and coming close to $30,000 per BTC, JPMorgan had stuck with its prediction.

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Initially, JPMorgan had predicted that Bitcoin would go on to hit $146,000 per BTC figure by the end of the year 2021. However, given the current market situation and BTC trends, JPMorgan has also changed its views about the price of BTC.

As per JPMorgan, the current back and forth price run of BTC has made it very unpredictable and uncertain. The cryptocurrency market in its current situation is not at all healthy. Before Bitcoin can take off, the entire cryptocurrency industry needs to be stable and healthy.

The strategists at JPMorgan have stated that there are still many positions that have not been cleared in the Bitcoin market. Before BTC can start making a comeback, these positions have to be cleared out. For now, the investors are not happy about the market price of Bitcoin and they are not willing to invest in Bitcoin.

The major factors that are driving the price of Bitcoin at such a low road are uncertainties and gray areas. One of the major uncertainty in the market at the moment is the mining of Bitcoin through energy sources that are responsible for heavy carbon emissions.

Although the independent and retail investors were not much concerned about the matter, the institutional investors have made a huge deal out of it. Institutional investors such as Tesla have even used the situation in their favor as it initially bought BTC and then sold it to make hefty profits. After that, Tesla shared its concern over the carbon-emitting power generation for the mining of Bitcoin.

With time, such matters and rumors would start dissipating and when that happens, Bitcoin will start gaining some momentum in terms of its price. When that happens, that is when BTC will be able to get some price back and would eventually hit an all-time high by the end of 2021.

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