Bitcoin
BTC$48 706.73

-9.26%

Ethereum
ETH$4 059.61

-3.80%

Binance Coin
BNB$562.06

-5.77%

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-0.04%

Solana
SOL$200.85

-6.55%

Cardano
ADA$1.41

-10.52%

New Bitcoin price concerns from JPMorgan at odds with immense support at $52K


21 Apr 2021

#Bitcoin

On-chain indicators are simply too bullish to permit a deeper price plunge, analysts argue, with Bitcoin set to remain a trillion-dollar asset. Bitcoin (BTC) is seeing a tsunami of new user adoption as a backdrop to prices likely bottoming at around $52,000, say analysts.

In a series of tweets on April 20, statistician Willy Woo led calls for calm about Bitcoin's recent price dip and subsequent lingering $9,000 below recent all-time highs.

$1 trillion cap has created new "line in the sand"

Reiterating previous assertions, Woo argued that buyer support had firmly established Bitcoin as a trillion-dollar asset and that BTC/USD would, therefore, not fall much below the equivalent spot price to maintain it — around $53,000.

"This revisit of lower price has created incredibly strong price validation for Bitcoin about $1T cap. 14% of the supply last moved above $1T cap," he wrote. "This is a key line in the sand imprinted into BTC's price discovery, an area of immense support."

Woo also highlighted the continued transfer of coins from weak hands to strong, along with a surge in new users entering the space.  For fellow analyst William Clemente, this "hockey stick" shape of new adoption was of essential significance.

"This is the most important post of this thread by far," he replied to Woo, who noted that technical traders had been far more bearish on Bitcoin despite the strength of on-chain indicators.

JPMorgan turns bearish on BTC... again

Among these was JPMorgan's Nikolaos Panigirtzoglou, who in his latest note argued that this price dip would not see buyers step in like before. Futures positions unwinding, he added, would not reverse and, thus, overall interest in institutional Bitcoin bets would now fade.

"Over the past few days Bitcoin futures markets experienced a steep liquidation in a similar fashion to the middle of last February, middle of last January or the end of last November,” Bloomberg quoted the note as stating. “Momentum signals will naturally decay from here for several months, given their still elevated level.”

At the time of writing, BTC/USD was still undecided on its short-term trajectory, clinging to $55,000 as signs of life returned to certain altcoins. One cryptocurrency no longer outperforming was Dogecoin (DOGE), which was down 18% on Wednesday after "Dogecoin Day" — an attempt to boost the price to $4.20 — fell flat on its face. DOGE/USD remained up 160% in a week.


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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 75.2% 50 $48 706.73 -9.26% -10.81% $920 132 432 479 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 82.4% 33 $4 059.61 -3.80% -0.61% $481 495 723 238 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 82% 32 $562.06 -5.77% -6.99% $93 752 606 143 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 94% 1 $0.999843 -0.04% -0.10% $74 146 017 092 USDT 7 days price change
5 Solana (SOL) SOL Solana predictions 69.2% 62 $200.85 -6.55% 3.29% $61 387 860 524 SOL 7 days price change
6 Cardano (ADA) ADA Cardano predictions 64.8% 72 $1.41 -10.52% -9.18% $46 958 385 031 ADA 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 95.6% 2 $0.999385 -0.03% -0.05% $39 796 534 169 USDC 7 days price change
8 XRP (XRP) XRP XRP predictions 65.6% 70 $0.834001 -10.39% -11.92% $39 404 303 399 XRP 7 days price change
9 Polkadot (DOT) DOT Polkadot predictions 62.8% 76 $29.08 -14.58% -17.21% $28 721 201 555 DOT 7 days price change
10 Terra (LUNA) LUNA Terra predictions 66.8% 65 $71.05 5.47% 63.77% $27 565 404 822 LUNA 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 66% 74 $0.175319 -12.61% -14.55% $23 209 784 837 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 64.8% 73 $90.70 -14.60% -19.51% $22 013 847 272 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 64.8% 73 $0.000037 -9.62% -5.62% $20 243 352 002 SHIB 7 days price change
14 Crypto.com Chain (CRO) CRO Crypto.com Chain predictions 57.6% 86 $0.595382 -5.97% -25.47% $15 041 152 356 CRO 7 days price change
15 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $0.999915 0.09% -0.01% $13 732 244 013 BUSD 7 days price change

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