Bitcoin Is Facing Down “Modest” Headwinds: JP Morgan Analysis

Bitcoin Is Facing Down “Modest” Headwinds: JP Morgan Analysis

Bitcoin has gained approximately $1,000 from last week’s low of $10,400 as the coin now trades just shy of $11,400. At the highs set on Tuesday, the cryptocurrency traded as high as $11,750. The cryptocurrency has faced a slight retracement as the U.S. dollar has bounced after a strong drop. While some think that this is just a short-term setback, JP Morgan sees Bitcoin slipping further in the near term. They say that the cryptocurrency faces a “modest headwind” in the short term. Most analysts, though, are convinced that the long-term trend for Bitcoin remains positive. Bitcoin Is Facing Down “Modest Headwinds” in the Near Term

Bloomberg Quint reports that JP Morgan analysts are currently bearish on Bitcoin. Citing a research note released recently, the firm noted that the asset faces modest headwinds in the short term” based on an analysis of bets in the futures market and an estimate of the cryptocurrency’s intrinsic value.”

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