Bitcoin to Hit $25,000 at GBTC Unlocking: JP Morgan
Despite having recovered decently from its recent crash, JP Morgan strategists believe that Bitcoin (BTC) still has a bearish gap to fill. In their latest memo detailing the performance of Bitcoin, the strategists highlighted the upcoming GBTC unlocking as a bearish event for BTC and that it could send the cryptocurrency to $25,000.
The JPM strategists continue to put forward erratic predictions for the primary cryptocurrency. They have gone from predicting a six-digit price tag for BTC by the end of the year to several apocalyptic scenarios.
However, they have remained consistent in their predictions about the role of Grayscale in Bitcoin. Earlier this year, the strategists warned that Bitcoin could suffer a significant correction due to a decline in investment inflows into the…
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