Bitcoin is currently on the trajectory of making the 8th week in the red as it has fallen over 1.05% in the past 24 hours. With the digital asset struggling to clear $30,500 and successfully staying above $28,500, it is presently range-bound.
Although the MACD and RSI have started to rise from the bottom, a potential V-shape recovery doesn’t seem like a probability.
Despite the current range-bound prices, JP Morgan, one of the world’s largest investment banks, has expressed through a statement that says digital assets have replaced real estate as the “preferred alternative asset class.”
The real estate sector is prone to delayed repricing or an upcoming adjusting fix in price rates in the overall industry. Moreover, what’s different in the crypto-verse in the ongoing/occurred capitulation phase.
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The note provided by the bank states that $38,000 is fair value for the asset, making 30% less value than the note claims to be.
On an observational basis, winter in the crypto-verse usually starts with signs of dried-up cash flow and lack of funding or failed ICO money-raising attempts in a bear market. During this time, despite the market-wide shocking events like the Terra collapse and global economic impact, VC money evidently seemed to be flowing around with billions of dollars being showered on promising projects.
Crypto Market Sentiment
Digging into the market sentiment level, crypto markets are at the “Extreme Fear” level indicating a really bearish sentiment over the market-wide scenario.
Targets to look ahead as an Investor
Bitcoin is currently hovering around $29,000. Looking at the ongoing chart patterns, the asset is making a lower high on the hourly time frame but keeping its support at $28,900, therefore a potential bullish triangle pattern seems to be falling in.
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On the upside, major levels to look out for are $29,500 and $30,000 whereas on the breakdown, investors should be prepared to see $28,500 as the nearest strong support.