Today, I’m going to continue with the JPMorgan news that predicted the right price for Bitcoin at 38,000, which is currently staying at $29,500, and the Bitcoin forecast that we can predict in the chart.
First, the price of Bitcoin, which once exceeded $69,000, fell to the level of $26,000, and now it’s staying at $29,500. I would like to introduce you because there is a positive outlook that the proper price of Bitcoin is $38,000,000.
JP Morgan, a major U.S. investment bank, diagnosed that Bitcoin prices are quite undervalued. 바이낸스 거래소 According to Forbes on the 25th (local time), JP Morgan said in a customer letter that the proper price of Bitcoin is $38,000, 28% higher than the current transaction.
Although it is less than half of the highest point of $69,000, JP Morgan remained optimistic about Bitcoin, offering the same appropriate price as last February when Bitcoin was traded at $43,400.
Source = Upbit Exchange Chart
The end of the panic cell has arrived.
Nicholas Panizirzoglu, JP Morgan’s chief investment analyst, said in a customer letter that the cryptocurrency market is expected to rise.
“Compared to January and February, the adjustment of the cryptocurrency market last month was close to the situation of mass selling, he said. “In the future, there will be an upward trend in the overall Bitcoin and cryptocurrency markets.”
Coffee production means ‘unconditional surrender’ and means ‘panic cell’. It refers to a phenomenon in which investors who can no longer expect profits sell stocks or cryptocurrencies in large quantities.
At the same time, it is also a low-priced buying section because it is the “short-term lowest point.” This is the point where many investors have finished selling and where investors seeking low-priced purchases start buying, which is why prices are rising.
JPMorgan investment strategist also hinted at the possibility of readjusting prices of unlisted stocks, bonds, and real estate due to interest rate hikes, saying cryptocurrency and hedge funds are replacing real estate with preferred alternative assets.
There is no contraction in venture investment. anticipation of a market turnaround
The recent global austerity stance and the Russo-Ukraine war triggered selling pressure on risky assets, and the collapse of TerraUSD (UST), a large stable coin, made the bearish atmosphere worse.
Cryptocurrency market capitalization has decreased from $3 trillion to $1.3 trillion, raising the prospect that winter has arrived in cryptocurrency.
Nevertheless, JP Morgan predicted that the market will not enter a long-term weakness as the trend of venture investment in the cryptocurrency market continues.
“There is no evidence that venture investment has been cut off so far since the collapse of Terra,” Panizirzoglu said. “There has been $250 in venture investment so far this year, of which $4 billion has been invested after the Terra crisis.”
On this day, Ethereum expansion technology startup Starkware was valued at $8 billion, attracting investments worth $100 million. Andrissen Horowitz, a major venture investment company, has announced that it will create a $4.5 billion fund and invest $1.5 billion of it in the cryptocurrency industry.
According to the CB Insight report, venture investment in the global blockchain or cryptocurrency industry reached a quarterly high of $9.2 billion (about KRW 11 trillion) in the first quarter of 2022. It’s also been on the rise for seven consecutive quarters.
Panizirzoglu predicted, “The venture investment movement has allowed the cryptocurrency market to escape the long-term bear market in 2018 and 2019 following the cryptocurrency disclosure (ICO) boom,” adding, “This market will avoid the cryptocurrency winter.”
It is true that the virtual currency and the stock market have been close to panic recently. It’s interesting that the largest bank in the United States, JP Morgan, sees the appropriate price of Bitcoin at about $38,000 a year. The basis for this is that investment in blockchain-related venture companies continues despite the recent decline in Bitcoin and the Tera (Luna) crisis. It is based on the fact that the bear market in 2018 and 2019 was also able to escape by investing in venture companies. Will Bitcoin price recover $38,000 soon? I think the probability is a little low.
Technological analysis predicts future Bitcoin movements
On the other hand, let’s predict Bitcoin’s future movement through pure chart-only technical analysis.
First of all, the Eliot wave, the Fibonacci, and this flatline perspective.
This is the Bitcoin 2-hour bar chart. Currently, Bitcoin prices, which have hit a high point at point 1, have hit a short-term low near point 2, and are coming down against resistance at about 0.618 of the Fibonacci return. If you look at the volume and the shape of the candle, the decline from around No. 1 to the current price can be seen as an impulse, or a composite adjustment wave WXY in the shape of 535ABC (Zigzag) among the adjustment waves of the Elliott Wave.
Currently, it appears to be on the side, testing whether it will be supported in the 1.13 position of the Fibonacci return, with No. 1 as the high point and No. 2 as the low point.
If you get support from here and go up (WXY wave perspective), you’ll be able to recover $38,000 as JP Morgan predicted.
If we don’t keep the current price range and we test the previous low of 26675, it’s going to be a long time to cross between 26k and 30k, or we’re going to break 26675 down at a time and fall back to the historic new low of 20k.
In this case, the current position is not the composite adjustment wave WXY, but the downward impulse 3-2 wave.
It’s hard to predict quickly because the current location is a location where you can go up and down.
The following is the selling point view.
In the meantime, the Bitcoin psychological Maginot Line has been 29460. It seems that he kept this point even in the Great Fall three times. As this Maginot Line collapsed to $56600 on May 12, there is no limit to going down.
From the top perspective, the first resistance for sale is about 37353. It’s close to the 38,000 JP Morgan predicted. And then the resistance is about 42202.
The next supporting section is 26703 when it’s a downward perspective. Below this, it is open to 23565, 19285, 17669, and 1638.
So I think the big trend will be determined by whether we go to the first support or the first resistance at the current price of 29,600 units.