JPMorgan analysts: Bitcoin (BTC) price could drop to $ 25,000.
Analysts at JPMorgan believe the unblocking of GBTC shares could increase selling pressure, pushing the price of BTC further to $ 25,000.
As weak streams and price action from last month’s sell-off triggered Bitcoin’s recent plunge, pressure on Bitcoin could intensify (A lot of traders from SafeTrading say the same). According to JPMorgan Chase & Co. and different cryptocurrency signals, a possible sale of Grayscale Bitcoin Trust shares after a six-month lockdown period could further push the world’s leading cryptocurrency. JPMorgan strategists led by Nikolaos Panigirtzoglou shared their thoughts on Wednesday in a note.
The upcoming ‘unlocking’ phase is on the agenda of Grayscale, the giant of the bitcoin institutional space. Institutional investors using Grayscale services will have access to 16,000 bitcoins in just one day in July. There will also be a significant number of unlocks during the rest of the month. There is a six-month lockdown period, and given the rise in the value of BTC during this time period, it is likely that at least some investors will choose to pay in cash. According to JPM, this could lead to more volatility and create pressure from sellers in the market:
Despite the correction this week, we do not want to abandon our negative outlook for Bitcoin and cryptocurrency markets in general. Despite some improvement, our signals are generally bearish.
In addition, based on analysts’ comparisons of gold and its volatility, the fair value of bitcoin is estimated to be in the range of $ 23,000 to $ 23,000. Thus, analysts indicated that the decline in prices will continue to the $ 25,000 level before long-term momentum indicates surrender.
Ponzi structure from African brothers.
While the cryptocurrency market is very active and SafeTrading is working pretty hard, it can be seen that there are other events that affect investors besides price. In the beginning, these are definitely hacks and scams.
↑ Ponzi at 69,000 BTC.
The incident in South Africa showed how dangerous fraud in the cryptocurrency sector can be. The South African investment platform completely disappeared with the disappearance of the two founding brothers after receiving an investment of 69,000 BTC.
The case has gone to trial, and the court has yet to reach a conclusion. However, according to information provided by Bloomberg, this event will go down in history as the largest scam in the cryptocurrency industry. In fact, it turns out that several signals have already been given to help investors understand that this is a classic scam made by the worst free crypto signals (SafeTrading team gives you only trusted traders).
↑ Ponzi structure from African brothers.
The two brothers, $ 3.6 billion BTC used the classic Ponzi method to collect on. It is reported that investors can earn up to 10% per day on the deposited BTC, and this is precisely the ponzi structure. It is known that if an investment is too good to be true, it often turns out to be false.
This fund, called AfriCrypt, tricked investors with promises that were too good to be true. Founded in 2019 and run by brothers Amir and Raise Cage, the fund raised RR 54 billion, or $ 3.6 billion in Bitcoin. On April 13, the fund turned to investors with a message about the platform hack. Of course, it is argued that this is not a real hack.
↑ The court makes a precautionary decision.
On the other hand, the South African law firm Hanekom Attorneys went to court to represent the interests of the users who approached them. The AfriCrypt message also had a special phrase for this. The Foundation emphasizes that users can legally claim their rights, but this will only “delay the refund.”
It appears that the AfriCrypt site is currently unavailable as well, and the court has taken action on this. The Gauteng High District Court of South Africa has ordered the confiscation of the Keji brothers’ property as a precautionary measure.
AfriCrypt, on the other hand, is known to have grown especially through the referral system and has received serious bonuses from wealthy investors who refer their friends.
Is there still hope for Dogecoin (DOGE)?
Dogecoin (DOGE) is up 15%, recovering sharply from yesterday’s low, despite losing more than 33% over the past week. Later yesterday, the cryptocurrency market turned green and trading volume surged, while altcoins like Dogecoin followed suit.
Although the asset lost $ 60 billion in market capitalization, resulting in huge losses to its owners, there may still be hope for the coin to be drawn in the long run. At the very least, community members think there is hope and are watching DOGE closely as they think some kind of major bullish event is imminent.
Doge traders have proven time and time again that they are looking to pump the asset, and trading volume continues to prove that retailers are keeping their word. Members of the Dogecoin community await the development results of Elon Musk and Dogecoin working on ideas for an update for the network. The collaboration between Ethereum and Dogecoin is another event that the market is looking forward to in the long term. SafeTrading team analysts are already gathering information about the event.
Asset value could skyrocket to new heights as Tesla is likely to open the door for Doge’s adoption. However, while Dogecoin members are hopeful, it should be noted that DOGE is a joke, and according to some experts, the market is in a bearish season.