Bitcoin and DOGE Rally, JPMorgan Warns Bitcoin Could Risk Loss In July
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Although the crypto markets are still plagued by China FUD, the markets as a whole are recovering in the last two days. Bitcoin tested the 29K USD psychological level once but has since rebounded the 35,000 USD resistance. Meanwhile, altcoins are rising steadily, with Doge seeing a 20% gain.
Despite the recent gain, the markets are still in a dangerous position. In a report, JPMorgan analysts opined that bitcoin's fair value over the medium term is between 23,000 USD and 35,000 USD. JPMorgan's strategists are concerned that the potential unlocking of shares in the Grayscale Bitcoin Trust (GBTC) could pressure the price of bitcoin to drop deeper.
The Grayscale Bitcoin Trust is the largest Bitcoin fund offered with 21.9 billion USD in assets under management. The GBTC saw the highest monthly flows of 2 billion USD and 1.7 billion USD last December and last January respectively. The lock-up period expires in June and July. Investors may sell their shares as bitcoin has fallen considerably in the last two months.
The weekly GBTC premium to NAV has been below 0 for over four months, indicating strong selling pressure. With the coming central-bank tapering of quantitative easing, investors are ditching bitcoin and turning to other traditional assets. In the short term, the prospect of bitcoin remains rocky.
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