A piece from Bloomberg is worth checking out for some of the bearish views about for BTC.
JP Morgan are one of the views featured:
- If (BTC) isn’t able to break back above $60,000 soon, momentum signals will collapse
- It’s likely traders including Commodity Trading Advisers (CTAs) and crypto funds were at least partly behind the buildup of long Bitcoin futures in recent weeks, as well as the unwind in past days, they said.
- “Over the past few days Bitcoin futures markets experienced a steep liquidation in a similar fashion to the middle of last February, middle of last January or the end of last November,” the strategists said. “Momentum signals will naturally decay from here for several months, given their still elevated level.”
BTC had another drop today (Bitcoin hits a low for the week under $53K)