Bitcoin may never return to $ 40,000, JP Morgan said two weeks ago

Charlie Taylor


It took only two weeks for JP Morgan strategists to be proven wrong about Bitcoin's pessimistic price analysis, which rose 31% in 15 days.
On Saturday, Bitcoin was again traded above $ 40,000 abroad, a level that had first hit January 7. And earlier this year, JP Morgan analysts were quite optimistic about the cryptocurrency, forecasting $ 146,000 per bitcoin.
But the $ 30,000 correction appears to have discouraged them, with bitcoin reaching 16% lows in a single day. Suddenly the analysis went from "can compete with gold as an alternative currency" to "institutional investment does not seem enough".
As published by Bloomberg on January 25, JP Morgan strategists published a report on Friday (22/1) stating that the flow rate to Grayscale “seemed to have peaked”, not being enough to overtake US $ 40k again.Alter 2

"The balance of short-term risks is still tilted on the negative side," added analysts at financial services giant JPMorgan.

Bitcoin rises 5% in one day and returns to $ 40,000

Just 15 days after the pessimistic report, traders rose on Saturday to see BTC trading around $ 40,300, up more than 5% in the past 24 hours.
The Americans seem to be expecting an injection of $ 1.9 trillion in the economy as lawmakers seek to advance emergency aid on Friday by dispensing Republican support.
As we have previously published, Biden's trillion dollar stimulus packages could end up further leveraging the price of Bitcoin, which benefits from dollar inflation.
With the apparent error of renowned analysts at the world's largest financial institution, Bitcoin developer Jameson Lopp joked on Twitter posting:Alter 2

"It took 2 full weeks to make these" analysts "look like idiots."


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