THELOGICALINDIAN - Bitcoin Is Facing Down Modest Headwinds in the Near Term
Bloomberg Quint reports that JP Morgan analysts are currently bearish on Bitcoin. Citing a assay agenda appear recently, the close acclaimed that the asset faces bashful headwinds in the abbreviate term” based on an assay of bets in the futures bazaar and an appraisal of the cryptocurrency’s built-in value.”
The indicator shows that there may be an “overhang of net continued positions.” It wasn’t antiseptic if the close was attractive at the CME futures abstracts or non-U.S. based exchanges such as BitMEX, ByBit, and others. It may be a CME futures assay as the allotment amount of BitMEX, ByBit, and added of these platforms are hardly in the positive, suggesting a antithesis amid abbreviate and continued positioning.
JP Morgan analysts added that the amount of Bitcoin is about 13% college than the “intrinsic value.” This amount is acquired from the amount of assembly for BTC, acceptation how abundant it costs to buy one coin.
Macro Trend Still Favoring Bulls
The macro trends still favor bulls, though, analysts say.
Raoul Pal, CEO of Real Vision, recently said:
The analyst thinks that the cryptocurrency will hit a amount of $50,000 and above in this bazaar cycle.
