Bitcoin price is primed to face “modest headwinds” in the short-term, according to strategists at JPMorgan Chase & Co.
Their analysis is based on bets that traders have made in the futures market and an estimate of BTC’s intrinsic value.
Financial strategists at JP Morgan have projected a bleak outlook for bitcoin prices in the short term. According to them, the cryptocurrency has a higher price and is trending at 13 percent over its ‘intrinsic value.’
They based their analysis on ‘positioning indicators’ derived from bets made by traders in the futures markets. But does the argument hold true.