A Bitcoin price that doesn’t return to the $60,000 per coin will be bad (a warning) for investors. The momentum signal is about to collapse.
This concern was expressed by JPMorgan Chase & Co analyst Nikolaos Panigirtzoglou in a note published Tuesday (20/4/2021), quoting Fortune, Thursday (22/4/2021).
“Over the last few days the Bitcoin Futures market has experienced the same sharp liquidity as last mid-February, mid-January or late November,” said Nikolaos Panigirtzoglou.
“Momentum signals will naturally decline gradually from here over the next several months, given their high levels.”
Warning! Bitcoin Momentum Gradually Decreases
JPMorgan noted, the push for an influx of funds was strong enough. This made Bitcoin successfully break new psychological price levels quickly, becoming a momentum for traders and investors to take positions.
“Whether we see a repeat of the previous one remains to be seen,” he said.
However, the probability of it happening again is very low. As momentum gradually decreases and it will be more difficult to reverse. JPMorgan also noted that the flow of funds to Bitcoin also looks weaker.
Quoting Coindesk, the all-time high Bitcoin price comes at the level of US $ 64,829 per coin that was listed on April 16, 2021. After that the Bitcoin price continued to fall from that high.
It has been recorded that since April 18 until today the Bitcoin price is under US $ 60,000 per coin. Held at the level of US $ 53,000 to US $ 57,000.
In today’s trading, Bitcoin was priced at US $ 53,884 per coin, a decrease of 4.62% from the previous day.
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