Bitcoin and DOGE Rally, But JPMorgan Warns Bitcoin Could Risk Further Loss In July

Although the crypto markets are still plagued by China FUD, the markets as a whole have recovered in recent days. Bitcoin tested the $29K psychological level once in late June, but has since rebounded to around the $35,000 resistance. Meanwhile, altcoins are rising steadily, with Doge up 46% from its June 21st low.

Despite the recent gain, the markets are still in a dangerous position. In a recent report, JPMorgan analysts opined that bitcoin’s fair value over the medium term is between $23,000 and $35,000. 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 in assets under management. The GBTC saw the highest monthly flows of $2 billion and $1.7 billion last December and last January respectively. A GBTC lock-up period will expire in July and investors may sell their shares as bitcoin has fallen considerably in the last two months.

The weekly GBTC premium to NAV has been below zero 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 prospects for bitcoin remain rocky.

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Editorial Note: This is a sponsored article. Opinions expressed are solely those of the sponsor and readers should conduct their own due diligence before taking any action based on information presented in this article.