{"id":157345,"date":"2021-01-18T22:14:56","date_gmt":"2021-01-18T19:14:56","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/grayscale-holds-the-key-to-bitcoin-hitting-40k-says-jpmorgan\/"},"modified":"2021-01-18T22:14:56","modified_gmt":"2021-01-18T19:14:56","slug":"grayscale-holds-the-key-to-bitcoin-hitting-40k-says-jpmorgan","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/grayscale-holds-the-key-to-bitcoin-hitting-40k-says-jpmorgan\/","title":{"rendered":"# Grayscale holds the key to Bitcoin hitting $40K, says JPMorgan"},"content":{"rendered":"

“# Grayscale holds the key to Bitcoin hitting $40K, says JPMorgan <\/strong>”
\n<\/p>\n

Grayscale Investments, the world\u2019s largest digital-asset manager, could hold the key to Bitcoin\u2019s (BTC) short-term price outlook, according to JPMorgan Chase.\u00a0<\/p>\n

As Bloomberg reports, strategists led by Nikolas Panigirtzoglou believe<\/a> Bitcoin could lose its luster over the short-term unless it can \u201cbreak out\u201d above $40,000. The flagship cryptocurrency breached that key level on two occasions this month, once in the lead-up to new all-time highs near $42,000 and the other just last week. <\/p>\n

The strategists determined that the Grayscale Bitcoin Trust, which currently has $23 billion in assets under management, will play a crucial role in whether BTC returns to that level or not. <\/p>\n

They wrote:<\/p>\n

\u201cThe flow into the Grayscale Bitcoin Trust would likely need to sustain its US$100 million per day pace over the coming days and weeks for such a breakout to occur.\u201d<\/p><\/blockquote>\n

If BTC fails to re-take $40,000, trend-following traders \u201ccould propagate the past week\u2019s correction,\u201d the analysts said. That means the path of least resistance could be lower. <\/p>\n

Since breaching $20,000 in December, the Bitcoin price more than doubled in just three weeks. The digital currency has been rangebound in recent weeks as traders look for the next major catalyst. <\/p>\n

In the meantime, Grayscale continues to exert considerable influence over the cryptocurrency market. Average weekly inflows into Grayscale\u2019s digital-asset products reached $250.7 million in the fourth quarter, marking a new all-time high. The Bitcoin Trust generated $217.1 million in weekly inflows, on average. <\/p>\n

As Cointelegraph reported last week, Bitcoin\u2019s price rose sharply after Grayscale reopened its services to new investors on Jan. 13. <\/p>\n