From JPMorgan\u2018s point of view, the unlocking of this product could trigger a major sell-off from investors who have been holding for longer than six months.<\/p>\n
Nikolaos Panigirtzoglou, a JPMorgan strategist wrote that the \u201cSelling of GBTC shares exiting the six-month lockup period during June and July has emerged as an additional headwind for bitcoin.\u201d<\/em><\/p>\n Recall that a while back, the bank reckoned Bitcoin could dip to $25,000 following the unlocking of the product. The banknotes had its reluctance to abandon its negative outlook for the lead in cryptocurrency, and the general cryptocurrency market at large, noting that it is extremely bearish in the long term.<\/p>\n \u201cIt would still take price declines to the $25,000 level before longer-term momentum would signal capitulation.\u201d <\/em>JPMorgan.<\/p>\n Meanwhile, Crypto investor Lark Davis who branded JPMorgan the \u201cFUD master\u201d, is certain that after July there would be no GBTC unlocks, meaning that the perceived bear market would only be temporary, and would be accompanied by an extremely bullish August.<\/p>\n Lark is also claiming that the arrival of a bitcoin ETF would illuminate the need for Grayscale GBTC products. And conclusively advising investors to hold still, as the bear market is simply market manipulation from the traditional big dogs.<\/p>\n His tweet reads :<\/p>\nJPMorgan calls $25,000 Bitcoin in the long term<\/strong><\/h2>\n
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<\/p>\nAnalysts propose an opposing stance<\/strong><\/h2>\n