JP Morgan says there is plenty more downside for Bitcoin – more 'sell the fact' to come

<p>Everyone was screaming "sell the fact!" on the ETF approval news. </p><p>Its been ongoing:</p><ul><li><a href="https://www.forexlive.com/Cryptocurrency/etf-buyers-caught-holding-the-bag-as-bitcoin-nears-40000-20240118/" target="_blank" rel="follow" data-article-link="true">ETF buyers caught holding the bag as bitcoin nears $40,000</a></li></ul><p>JPM says there is more downside pressure ahead for BTC. Last week JPM guesstimated that there was up around US$3bn in GBTC (Grayscale Bitcoin) outflows ready to hit with traders/investors likely to take profits.</p><ul><li>"If the previous $3 billion estimate proves correct and given $1.5 billion has exited already, then there could be an additional $1.5 billion still to exit the bitcoin space via profit-taking on GBTC, thus putting further pressure on bitcoin prices over the coming weeks"</li></ul><p>Update:</p><p>The folks enamoured of BTC will be able to scoop 'em up cheaper. </p>

This article was written by Eamonn Sheridan at www.forexlive.com.