Original title: JPMorgan Chase: there may be a flood sell-off in Bitcoin next month.
JPMorgan said the Grayscale Bitcoin Trust, a large bitcoin fund, is expected to sell off between June and July, which could become a new source of pressure on Bitcoin.
JPMorgan strategists led by Nikolaus Panigi Zoglu (Nikolaos Panigirtzoglou) wrote in a report on Wednesday:
The recent fall in bitcoin caused by weak cash flows and price changes caused by last month's sell-off, and the end of the six-month sales restriction period, the market is likely to sell further the Grayscale Bitcoin trust, which could be another disadvantage for Bitcoin.
Bitcoin has been under pressure in recent days, falling below the key $30,000 mark on Tuesday because of continuing concerns about Bitcoin's energy consumption and China's increased crackdown on Bitcoin. Recently, Bitcoin has fallen about 50 per cent from its all-time high of nearly $65000 in mid-April.
"despite the rebound this week, we are still not bullish on the bitcoin and cryptocurrency markets," said Motorola strategists. "
In addition, Gunrake (Jeffrey Gundlach), chief executive of, DoubleLine Capital LP and the "new creditor", said on Twitter on Thursday that if Bitcoin fell below $30, 000, it would be a big problem, but he did not elaborate. Some people believe that whether Bitcoin can hold on to this price level determines the future trend of cryptocurrency.
Compared with gold's volatility, the fair value of Bitcoin in the medium term is between $23000 and $35000, JPMorgan strategists write. If the price of Bitcoin falls below $25000, the long-term growth trend will lose momentum, they say.