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Strategists warn: Bitcoin prospects have short-term risks

December 27, 2021
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Strategists warn: Bitcoin prospects have short-term risks

Strategists believe that, at least for now, Bitcoin seems to be difficult to turn around. Bitcoin will consolidate above $30,000.

A JPMorgan Chase team including Josh Younger and Veronica Mejia Bustamante said in a report last Friday that the short-term situation is “challenging.” David Grider of Fundstrat Global Advisors LLC recommends reducing the risk or buying some protection.

The JPMorgan Chase team stated that blockchain data shows that the recent sell-off of cryptocurrencies is to make up for losses. There may still be a large number of short positions that need to be cleared through the market.

It has been affected by China’s suppression of cryptocurrencies, tightening of regulatory reviews elsewhere, and concerns that servers supporting virtual currencies consume too much energy. Bitcoin prices have fallen by about half from their April high of nearly $65,000. The prospect that emergency stimulus measures may shrink as the economy recovers from COVID-19 may also be an obstacle to this most speculative investment.

However, JP Morgan Chase strategists pointed out that a positive factor is that the Bitcoin futures market remains stable. In addition, with China’s suppression of Bitcoin mining abroad, production costs may increase. Some researchers have pointed out that the marginal cost of production plays an important role in the price of Bitcoin. JPMorgan Chase’s strategist stated:

“The cryptocurrency market is showing signs of being unhealthy, but it seems that it has also begun the process of healing.”

The world’s largest cryptocurrency rose 6.5% to $33,329 on Sunday. Ended two consecutive days of decline. Other tokens also rose, with Ethereum rising by more than 5%. Some tech observers believe that $30,000 is a key level facing Bitcoin. If it falls below this level, it may open the space for a retreat towards $20,000.

Grider, Fundstrat’s chief digital asset strategist, pointed out that a large number of short positions in the cryptocurrency exchange Bitfinex have once again appeared in the market. And said that when a similar situation occurred last time, negative news from China led to lower prices.

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