Bitcoin is recovering back from its major correction to $30,000 and is currently trading above $35,000. JPMorgan strategists have analysed the current Bitcoin performance and gave several predictions. According to them, if Bitcoin is unable to rise above the $40,000 level anytime soon, it might be at risk of another major correction. JPMorgan Strategists have claimed that the demand pattern at Bitcoin futures and Grayscale Bitcoin trust is also going to indicate the outlook of Bitcoin in future. They stated: “The flow into the Grayscale Bitcoin Trust would likely need to sustain its $100 million per day pace over the coming days and weeks for such a breakout to occur.” JPMorgan Strategists Claim Bitcoin is Similar to November 2020 Ever since the Bitcoin price started increasing at a great pace, it has been seen that the investors are getting quite confident of it. The huge risk and volatility don’t seem to bother them anymore, however, if Bitcoin fails to climb above $40k, this fear might come up again. According to the JPMorgan strategists, Bitcoin is currently in a similar position as it was in late November 2020. During that time, some huge investments by institutional investors have helped Bitcoin rally up to $42,000 level. Bitcoin Becoming a Hedge For Dollar Weakness JPMorgan Strategists have claimed that if Bitcoin is unable to trade above $40k anytime soon, then it will have to face the downtrend till March-end. In the past seven to eight months, it has been seen that people have started moving more towards Bitcoin. A lot of Bitcoin supporters have also said that it is becoming a hedge against the growing Dollar weakness. The global economy has started recovering from the harms caused by the COVID-19 pandemic. There are several assumptions of faster inflation with this recovering period. This is another reason why more and more people are driving towards cryptocurrency and especially Bitcoin.
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