After the recent correction, Bitcoin (BTC) will need aggressive inflows to absorb the possible selling from the short-term traders and momentum players as the price nears $40,000. In the past few months, Grayscale Investments has been one of the major entities responsible for the pickup in demand.
However, JPMorgan Chase analysts pointed out in a recent note that Grayscale inflows “appear to have peaked” on a four-week rolling average basis. Without a strong tailwind from the institutional investors, many analysts believe Bitcoin may not break above $40,000.
Daily cryptocurrency market performance. Source: Coin360
The failure to resume the uptrend does not mean Bitcoin will plunge and enter a bear market similar to the one seen in 2018. Lower levels continue to attract investments from institutions, and the latest to disclose a position in Bitcoin is Nevada-based crypto mining firm Marathon Patent Group. The company has purchased $150 million worth of Bitcoin at an average price of $31,168.
Even if Bitcoin remains range-bound for the next few days, selectTitle: Price analysis 1/25: BTC, ETH, DOT, XRP, ADA, LINK, LTC, BCH, BNB, XLM
Sourced From: cointelegraph.com/news/price-analysis-1-25-btc-eth-dot-xrp-ada-link-ltc-bch-bnb-xlm
Published Date: Mon, 25 Jan 2021 18:59:15 +0000