New Bitcoin price matters from JPMorgan at odds with ‘immense support’ at $52K. On-chain indicators are too bullish to authorize a deeper price plunge, analysts claim, with Bitcoin set to endure a trillion-dollar asset. Bitcoin (BTC) examines a tsunami of new user adoption as a backdrop to costs likely bottoming at approximately $52000, say interpreters.
In a list of tweets on Tuesday, statistician Willy Woo led calls for calm about Bitcoin’s latest price dip and subsequent lingering $9,000 under recent all-time highs.
$1-trillion cap has built a new “line in the sand.” Reiterating previous assertions, Woo explained that buyer support had firmly placed Bitcoin as a trillion-dollar asset and that BTC/USD would, therefore, not fall much under the equivalent spot price to keep it — approximately $53,000.
“This revisit of lower-cost has created powerful price validation for Bitcoin about $1T cap. 14% of the stock last moved over $1T cap,” he wrote. “This is a key policy in the sand imprinted into BTC’s cost discovery, an area of extensive support.”
Woo also highlighted the continued variation of coins from weak hands to strong ones, along with a wave of new users accessing the space. For associate investigator William Clemente III, this “hockey stick” shape of new adoption was essential.
“This is the most relevant post of this thread by far,” he replied to Woo, who remarked that technical traders had been far more bearish on Bitcoin despite the durability of on-chain indicators. JPMorgan’s Nikolaos Panigirtzoglou, in his most advanced note, argued that this rate dip would not see buyers move in like before. Futures positions unwinding, he continued, would not reverse, and thus, overall interest in institutional Bitcoin bets would dissolve.
“Over the past several days, Bitcoin futures businesses experienced a perpendicular liquidation similarly to the middle of February, middle of January, or the end of November,” Bloomberg cited the note as declaring. “Momentum signals will naturally decay from here for several months, given their still-elevated level.”
BTC/USD was still undecided on its short-term trajectory at the time of writing, clinging to $55,000 as signs of life returned to certain altcoins. One cryptocurrency no longer outperforming was Dogecoin (DOGE), which was down 18% on Wednesday after “Dogecoin Day” — an attempt to boost the price to $4.20 — fell flat on its face.
DOGE/USD remained up 160% in a week.