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BTC$26 369.00

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Bitcoin short-term setup is challenging, JPMorgan strategists warn


28 Jun 2021

#Bitcoin

Bitcoin and the crypto market are at the beginning of a healing process, JPMorgan analysts say in a note. Bitcoin’s (BTC) weekend dance between $30,000 and $34,000 seems to strengthen the short-term uncertainty narrative, as JPMorgan strategists believe the cryptocurrency market is not yet healthy.

A Friday note from the JPMorgan Chase team suggested that the near-term setup for Bitcoin still looks challenging. Based on the on-chain data, JPMorgan strategists said that “there is likely still an overhang of underwater positions which need to be cleared through the market.”

JPMorgan lists the Bitcoin futures market’s stability and the possibility of increased production costs due to miners’ migration from China as positive factors. Bitcoin’s cost of production is historically tied to its price, several analyses show. So, a price bump in the cost of mining may have a booster effect on Bitcoin price.

The note suggests that the cryptocurrency market appears to be at the beginning of a healing process but is not quite healthy yet. Fundstrat’s David Grider recommended reducing the risk or buying some protection, according to Bloomberg.

A bounce off $30,000, which is seen as a critical support level, came after the JPMorgan note. The Bitcoin price dove to $30,070 before quickly recovering to $33,445 over the weekend, according to data from Cointelegraph Markets Pro and TradingView. The weekend saw a positive statement for the biggest cryptocurrency from Ricardo Salinas Pliego, Mexico’s third-richest man, who named Bitcoin the new gold. The price climbed above 35,000 as of Monday morning.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 92% 4 $26 369.00 0.56% -2.24% $514 139 107 500 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 94% 6 $1 605.70 0.98% -0.76% $193 061 640 768 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94% 1 $0.999243 -0.03% -0.08% $83 208 140 396 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 90.4% 4 $212.12 -0.04% -0.98% $32 634 766 460 BNB 7 days price change
5 XRP (XRP) XRP XRP predictions 89.6% 8 $0.499643 -0.38% -3.01% $26 637 136 198 XRP 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000070 0.01% 0.01% $25 484 391 434 USDC 7 days price change
7 Lido stETH (STETH) STETH Lido stETH predictions 93.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
8 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 88.8% 20 $0.085255 1.04% 0.78% $8 668 426 443 WTRX 7 days price change
9 Cardano (ADA) ADA Cardano predictions 92.4% 8 $0.244488 -0.17% -2.71% $8 588 498 037 ADA 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 93.6% 6 $0.060603 -0.04% -3.05% $8 556 370 845 DOGE 7 days price change
11 Solana (SOL) SOL Solana predictions 88% 22 $19.27 1.43% -3.80% $7 951 021 232 SOL 7 days price change
12 TRON (TRX) TRX TRON predictions 86% 18 $0.085514 0.55% 1.15% $7 618 867 556 TRX 7 days price change
13 Toncoin (TON) TON Toncoin predictions 59.2% 84 $2.15 1.29% -10.03% $7 364 651 373 TON 7 days price change
14 Dai (DAI) DAI Dai predictions 92.4% 1 $0.999758 0.03% 0.06% $5 346 596 495 DAI 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 88.8% 11 $4.00 -0.05% -3.40% $4 930 596 420 DOT 7 days price change

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