An analysis of OI on bitcoin futures shows that the liquidation of long positions is in the final phase. According to JPMorgan analysts, for this reason the risks of further downside in prices appear minor, writes CoinDesk.
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The August correction, which neutralised the rally afterthe SEC’s decision against Ripple, was linked by experts to a deterioration in the risk-asset environment as a whole.
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That latter development was driven by \”an overweight in technology shares, higher real yields on government bonds, and concerns about China’s economic growth,\” they added.
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News that SpaceX, owned by Elon Musk, might divest from Bitcoin, became an \”additional catalyst\”.
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Earlier, Pantera Capital analysts projected Bitcoin to rise to $35,000 halving and to $147,800 after this event in the longer term.
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Earlier, trader and analyst Michaël van de Poppe forecast Bitcoin to rise to $50,000 ahead of the miners’ reward being halved.