By Hassan Mehmood (Saudi Arabia)
The Grayscale Bitcoin Fund or GBTC is one of the largest reserves on Bitcoin in the world. It allows investors to get exposure to cryptocurrencies without buying them directly from an exchange market. At present, there is almost $19 billion equivalent Bitcoin that are locked in GBTC. However, like all other hedge funds, there is a time limit for locking in digital assets.
The Grayscale Bitcoin Trade Product will be unlocked on 13 July. It will encompass the investors to have the freedom of selling their shares in the open market. JP Morgan claims that this will crash the price movement for flagship cryptocurrency, and it could dive back to $25K. Nikolaos Panigirtzoglou is a strategist at JPMorgan who opines that the increased selling pressure generated by the GBTC sales could prove as a destructive headwind for BTC.
According to JP Morgan analysts at large, the bearish movement for the entire crypto market is inevitable. The fiat and green paperback might create a resistance towards the crashing down Bitcoin market; however, it will still go down the drain without reluctance. JP Morgan stated that July would see BTC dipping to $25K before long-term momentum can reinstate and stabilize the market.
The ideas and negative predictions have not been taken well by several Bitcoin maximalists. Lark Davis is among those investors. He called out JP Morgan, a FUD master and opines that such statements are a market manipulation technique. According to him, that upcoming selling pressure will only last temporarily, and the sky will be clear for smooth sailing from August.
Bitcoiners are Speaking out in Support of Bullish Signals
The dream of every Bitcoiner is to get the beacon coin to the six-figure price mark in the current year. The market crash statements from JP Morgan are countered with Bitcoiners technical analysts who believe that a massive bullish wave is right around the corner. William Clemente shared the Stable coin supply ratio in support of his bullish theory. He claims that SSR at present is on the same bottom levels as the 2018 capitulation, 2020 crash, and 2021 uptrend. Clemente believes that the signal has hit the lowest ranges that left nowhere else to go but upwards. It should be noted that SSR is BTC and stablecoin supply ratio. When SSR is low, it means that buying power for Bitcoin is increasing.
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