Bitcoin Price Prediction: Grayscale Selling Bitcoin Slows As This BTC Cloud Mining Presale Nears $9.5 Million Raised
The Bitcoin price climbed 2.8% in the last 24 hours to trade at $40,269 as of 6:18 a.m. EST on daily trading volume that increased 26% to $18 billion. Analysts say the Bitcoin price is stabilizing after a sharp downturn as outflows from the Grayscale Bitcoin Trust slow. “Considering that $4.3 billion has already been withdrawn from GBTC, we deduce that the majority of profit-taking from GBTC has already occurred,” said JPMorgan analyst Nikolaos Panigirtzoglou. Bitcoin dropped by more than 20% in the weeks following the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States. JUST IN: 🇺🇸 JPMorgan says “profit-taking on GBTC has largely concluded”, expecting limited further downside for #Bitcoin Bull run is certainly close🚀 pic.twitter.com/JqxnwVydiY — BULLSTREET GROUP (@Bullstreetgroup) January 25, 2024 The decrease was linked to investors selling off the Grayscale Bitcoin Trust (GBTC) to t...