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BTC$19 947.39

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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 87.6% 20 $19 947.39 3.63% -1.75% $382 369 238 889 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 63.6% 82 $1 351.01 3.89% -3.12% $165 698 908 342 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.4% 1 $1.000139 0.01% 0.01% $67 958 881 228 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 90.8% 15 $292.38 2.14% 2.98% $47 172 398 458 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 94.4% 1 $0.999939 -0.01% -0.01% $47 033 032 643 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 61.6% 86 $0.470361 5.01% -0.77% $23 471 346 889 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 92.4% 1 $1.000315 0.10% -0.03% $21 048 857 281 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 74.8% 46 $0.431465 1.94% -5.77% $14 779 010 315 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 87.6% 22 $33.68 3.12% -3.95% $11 960 746 922 SOL 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 92.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 88.8% 14 $0.060661 0.82% -3.25% $8 047 931 990 DOGE 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 65.2% 68 $6.47 2.65% -4.06% $7 260 332 773 DOT 7 days price change
13 Polygon (MATIC) MATIC Polygon predictions 67.2% 61 $0.828688 6.82% 5.76% $7 238 024 558 MATIC 7 days price change
14 Dai (DAI) DAI Dai predictions 91.6% 1 $0.999942 0.02% 0.01% $6 786 494 749 DAI 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 93.6% 5 $0.061398 0.40% 1.26% $6 242 711 894 WTRX 7 days price change

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