{"id":232061,"date":"2021-04-21T12:00:00","date_gmt":"2021-04-21T09:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/new-bitcoin-price-concerns-from-jpmorgan-at-odds-with-immense-support-at-52k\/"},"modified":"2021-04-21T12:00:00","modified_gmt":"2021-04-21T09:00:00","slug":"new-bitcoin-price-concerns-from-jpmorgan-at-odds-with-immense-support-at-52k","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/new-bitcoin-price-concerns-from-jpmorgan-at-odds-with-immense-support-at-52k\/","title":{"rendered":"# New Bitcoin price concerns from JPMorgan at odds with &#8216;immense support&#8217; at $52K"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a41482a873a7\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a41482a873a7\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/new-bitcoin-price-concerns-from-jpmorgan-at-odds-with-immense-support-at-52k\/#1_trillion_cap_has_created_new_%E2%80%9Cline_in_the_sand%E2%80%9D\" >$1 trillion cap has created new &#8220;line in the sand&#8221;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/new-bitcoin-price-concerns-from-jpmorgan-at-odds-with-immense-support-at-52k\/#JPMorgan_turns_bearish_on_BTC%E2%80%A6_again\" >JPMorgan turns bearish on BTC&#8230; again<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># New Bitcoin price concerns from JPMorgan at odds with &#8216;immense support&#8217; at $52K <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin (BTC) is seeing a tsunami of new user adoption as a backdrop to prices likely bottoming at around $52,000, say analysts.<\/p>\n<p>In a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/woonomic\/status\/1384564008762568708\">series of tweets<\/a> on April 20, statistician Willy Woo led calls for calm about Bitcoin&#8217;s recent price dip and subsequent lingering $9,000 below recent all-time highs.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"1_trillion_cap_has_created_new_%E2%80%9Cline_in_the_sand%E2%80%9D\"><\/span>$1 trillion cap has created new &#8220;line in the sand&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Reiterating previous assertions, Woo argued that buyer support had firmly established Bitcoin as a trillion-dollar asset and that BTC\/USD would, therefore, not fall much below the equivalent spot price to maintain it \u2014 around $53,000.<\/p>\n<p>&#8220;This revisit of lower price has created incredibly strong price validation for Bitcoin about $1T cap. 14% of the supply last moved above $1T cap,&#8221; he wrote.<\/p>\n<blockquote><p>&#8220;This is a key line in the sand imprinted into BTC&#8217;s price discovery, an area of immense support.&#8221;<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/woonomic\/status\/1384564008762568708\/photo\/1\"><\/a><\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-04\/5580e0ca-90ca-462f-981f-1790136488b3.png\"><figcaption style=\"text-align: center;\"><em>Chart showing Bitcoin support strength at a $1 trillion market cap. Source: Willy Woo\/ <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>Woo also highlighted the continued transfer of coins from weak hands to strong, along with a surge in new users entering the space.\u00a0<\/p>\n<p>For fellow analyst William Clemente, this &#8220;hockey stick&#8221; shape of new adoption was of essential significance.<\/p>\n<p>&#8220;This is the most important post of this thread by far,&#8221; he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WClementeIII\/status\/1384565654871740421\">replied<\/a> to Woo, who noted that technical traders had been far more bearish on Bitcoin despite the strength of on-chain indicators.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-04\/6b71804f-3337-4f01-8a11-84bdb694798e.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin entity growth vs. BTC\/USD. Source: Willy Woo\/ Twitter<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"JPMorgan_turns_bearish_on_BTC%E2%80%A6_again\"><\/span>JPMorgan turns bearish on BTC&#8230; again<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among these was JPMorgan&#8217;s\u00a0Nikolaos Panigirtzoglou, who in his latest note argued that this price dip would not see buyers step in like before.<\/p>\n<p>Futures positions unwinding, he added, would not reverse and, thus, overall interest in institutional Bitcoin bets would now fade.<\/p>\n<p>&#8220;Over the past few days Bitcoin futures markets experienced a steep liquidation in a similar fashion to the middle of last February, middle of last January or the end of last November,\u201d Bloomberg <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-04-21\/jpmorgan-warns-of-bitcoin-weakness-as-futures-get-liquidated\">quoted<\/a> the note as stating. <\/p>\n<blockquote><p>\u201cMomentum signals will naturally decay from here for several months, given their still elevated level.\u201d<\/p><\/blockquote>\n<p>At the time of writing, BTC\/USD was still undecided on its short-term trajectory, clinging to $55,000 as signs of life returned to certain altcoins.<\/p>\n<p>One cryptocurrency no longer outperforming was Dogecoin (DOGE), which was down 18% on Wednesday after &#8220;Dogecoin Day&#8221; \u2014 an attempt to boost the price to $4.20 \u2014 fell flat on its face.<\/p>\n<p>DOGE\/USD remained up 160% in a week.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/new-bitcoin-price-concerns-from-jpmorgan-at-odds-with-immense-support-at-52k\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# New Bitcoin price concerns from JPMorgan at odds with &#8216;immense support&#8217; at $52K &#8221; Bitcoin (BTC) is seeing a tsunami of new user adoption as a backdrop to prices likely bottoming at around $52,000, say analysts. In a series of tweets on April 20, statistician Willy Woo led calls for calm about Bitcoin&#8217;s recent&#8230;<\/p>\n","protected":false},"author":1,"featured_media":232062,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDQvMDY3OGMwMzgtNWU4OS00NmFmLTg5ZGEtMTVjMzc0OWIwOWM3LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,86883,75802,73785],"class_list":["post-232061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-dogecoin","tag-jpmorgan","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/232061","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=232061"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/232061\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/232062"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=232061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=232061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=232061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}