Bitcoin unlikely to break $ 40,000 mark - JPMorgan

 Investment bank JPMorgan strategists believe bitcoin will fail to hit a new high and have warned of a possible price decline. Bloomberg writes about it.

The bitcoin rate may remain below $ 40,000 - an indicator of this, experts consider a decrease in cash flow to the main crypto fund Grayscale.

JPMorgan analysts are convinced that the flow of money into the Grayscale Bitcoin Trust, which accounts for the lion's share of assets - $ 20 billion, has reached its peak.

"Right now, the buying momentum from institutional investors is not strong enough for Bitcoin to break the $ 40,000 mark," the experts said.

The investment bank also said that traders using the impulse strategy will continue to close positions on bitcoin futures contracts. "This will only increase the negative effect on the value of the cryptocurrency," - noted in JPMorgan.

See also: Life after $ 40,000. What prevents bitcoin from growing further? And who does he help (even in Ukraine)

Over the past two weeks, the Bitcoin rate has decreased by 17%. The price of bitcoin increased by 700% in 2020, and back in March last year, only $ 3,850 was given for one bitcoin.

On January 7, 2021, Bitcoin reached $ 40,000 for the first time.

On January 14, the price of bitcoin rose by $ 4,000 after the approval of the impeachment of Trump.

Bitcoin price fell 5% on January 22nd to $ 28,800, the lowest in three weeks.