JPMorgan bullish on BTC – According to the largest American bank, Bitcoin could hit $45,000 in the near future. JPMorgan bank is very optimistic, because the bitcoin price is struggling to exceed $30,000 at the moment. According to this bank, BTC could follow gold. Interesting timing, as entities with more than 1,000 BTC in their portfolio seem to be interested in Bitcoin again.
This Bitcoin price analysis is brought to you in collaboration with CryptoTrader and its algorithmic trading solution finally accessible to individuals.
Bitcoin price drops slightly in 24 hours
Bitcoin does not continue the trend known this weekend for the moment. In fact, the bitcoin price drops slightly in 24 hours.
Bitcoin displays a 1.6% increase in one week. In three months, the BTC is in 17% increase. In parallel, the pair BTC/ETH continues to stagnate. She fall of about 1% for seven days. The course ofEthereum is gaining ground, and it has the potential to continue to grow on the upside.
The whales are starting to take an interest in Bitcoin
To fully understand the following graph, you need to know what whales correspond to. We call “whales” of the entities having at minimum 1,000 BTC. These are portfolios capable of influencing the price and which often have interesting behaviors in relation to the evolution of the course. Here is the graph of entities with more than 1,000 BTC in wallet.
These entities had bought panic in december 2018 when BTC had gone from $6,000 to $3,000 in a matter of weeks. Also, the whales started to distribute to the top of the bullrun in 2021. However, whales don’t just make good choices. We can see that in March 2022they had heavily accumulated of BTC before having to part with itonly a few weeks later, at much lower prices.
The whales remain shy at the moment, but it seems that the distribution behavior either ended For now. Entities with more than 1,000 BTC seem to change their behavior and try again to accumulate. Current accumulation remains shy. The trend should continue.
Bitcoin price must react at the support level at $27,500
THE institutional bias (EMA 9/EMA 18) and the bracket at $27,500 could allow a bounce. Buyers need to react here to avoid re-entering the range between $26,700 and $27,500.
For that, buyers need to react and push back above $28,440. In the event of a close above this level, the price could reach the next resistance at $29,800. The RSI falls and marks a top. Momentum will need to be regained with ascending lows and highs for buyers to maintain momentum.
THE whales seem to findinterest in the Bitcoin. However, the interest remains moderatevery far from the standards known in 2021 or even in 2019. The road will be long for the king of cryptocurrencies who must reassure investors after so much downward volatility experienced in 2022. Short termBTC must absolutely bounce at the support level $27,500.
Do you want to delegate the trading of some of your cryptocurrencies? Through his optimized trading serviceCryptoTrader allows you to maximize your profits in a simple, diversified and fully automated way.