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JP Morgan warns of the arrival of a bear market on Bitcoin!

 

Although Bitcoin made a strong comeback in the past 24 hours, breaking above $38,000 earlier today, JPMorgan analysts are slightly skeptical about its next future journey.


A recent report from Bloomberg stated that JPMorgan analysts have warned of lagging in the futures market.


This means that the spot price of Bitcoin is higher than its future price and this is what causes concern for these analysts.


In a recent note to clients, JPMorgan strategists led by Nikolaos Paniigertzoglou wrote:

We believe that the return to lagging in recent weeks has been a negative sign indicating a bear market.

 In its June 9 analysis, the banking giant looked at the 21-day trading average of the second bitcoin futures contract compared to spot prices.


Citing CME Bitcoin futures, the bank notes that the decline is an unusual development and a reflection of how weak Bitcoin demand is at the moment from institutional investors.


For most of 2018, the bitcoin futures curve remained lagging and the bitcoin price corrected 74% during this period after the upward rally of 2017.


Another worrying trend according to JPMorgan is the ever-declining dominance of Bitcoin in the market.


Currently, Bitcoin dominates only 43.5% of the total crypto market.


Bitcoin's dominance at the beginning of 2021 was massive, estimated at 70%.


Strategists at JPMorgan argue that the share of bitcoin should stay above 50% to keep the bears away.

Bitcoin price $20,000 or $40,000?

Bitcoin has corrected heavily over the past month and has shown choppy behavior over the past two weeks in the $30,000 to $40,000 price range.


Although the price of Bitcoin is trading near $40,000, some market analysts are skeptical that it could drop to close to $20,000.


While Mike McGlone, chief commodity strategist at Bloomberg, believes that the chances of Bitcoin reaching the $40,000 level are higher than the correction.

 In addition, Bitcoin has been trading sideways over the past months, as whales have continued to accumulate during each stage of the correction.

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