In recent comments regarding the short-term price outlook of Bitcoin, strategists from JPMorgan Chase (NYSE:JPM) said that Grayscale could be the key to Bitcoin hitting $40k once again. The strategists led by Nikolas Panigirtzoglou told Bloomberg that Bitcoin could lose its momentum and appeal in the short-term if it fails to breakout about $40k.
Bitcoin has broken the $40k benchmark twice this year. The first being when it hit its new all-time high and approached $42k, and the second just last week.
Panigirtzoglou and his team of strategists believe that Grayscale’s Bitcoin Trust, which currently has nearly $23 billion worth of Bitcoin is crucial if the digital asset will return or even surpass $40k. They wrote:
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Source: Cryptocurrency - investing.com
