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Grayscale holds the key to Bitcoin hitting $40K, says JPMorgan

Published 01/18/2021, 02:14 PM
Updated 01/18/2021, 04:00 PM
Grayscale holds the key to Bitcoin hitting $40K, says JPMorgan

Grayscale Investments, the world’s largest digital-asset manager, could hold the key to Bitcoin’s (BTC) short-term price outlook, according to JPMorgan Chase (NYSE:JPM).

As Bloomberg reports, strategists led by Nikolas Panigirtzoglou believe Bitcoin could lose its luster over the short-term unless it can “break out” 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.

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Latest comments

um... doesn't GBTC react, in part, the price of bitcoin? Not drive the price of bitcoin?
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