The expiration of shares in Grayscale Bitcoin Trust between June and July will likely put more pressure on bitcoin's (EXANTE: Bitcoin) price, Bloomberg reports, citing a report by JPMorgan's analysts. The analysts say the bearish outlook for bitcoin and the cryptocurrency market is still in play despite the cryptocurrency's correction.
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"Despite some improvement, our signals remain overall bearish," the experts said.
JPMorgan also estimates that bitcoin's fair value is set in a range of $23,000-$35,000 in the "medium term." JPMorgan's strategists add that bitcoin's price should fall down to the $25,000 level before longer-term momentum "would signal capitulation."
JPMorgan's new warning comes despite reports that the banking giant might launch an actively managed bitcoin fund for a limited group of clients. NYDIG will reportedly be responsible for the custody of the assets of the fund, which could be launched already this summer.
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