NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

JP Morgan Analysts Explain Why Bitcoin Price is Falling

Yashu Gola
Yashu Gola
1 year ago
2 mins read
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin has plunged by almost 9 percent after establishing its new record high near $20,000 last week. And a team of quantitative strategists at JP Morgan & Chase believes that gold is behind the flagship cryptocurrency’s corrective price move.

The analysts, including Nikolas Panigirtzoglou, wrote that Bitcoin price correction lags a similar move in the gold market. Therefore, when the precious metal topped out in August 2020, it prompted investors to secure short-term profits and reinvest the winnings into Bitcoin. That explains why the cryptocurrency boomed by approx 100 percent while the metal fell by 11.50 percent after August.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin rallied by almost 400 percent since March 2020. Source: BTCUSD on TradingView.com
Bitcoin rallied by almost 400 percent since March 2020. Source: BTCUSD on TradingView.com

Now, an inverse fractal is underway. Bitcoin prices have overshot and therefore expect a downside correction to neutralize its momentum signals. Meanwhile, gold is trading near a flipped support level of $1,764, expecting to rebound.

“For Bitcoin,” the strategists explained, “momentum signals have deteriorated, which will likely cause selling by investors that trade on price trends.”

Bitcoin Whales Sniff

Latest reports indicated that Bitcoin’s long-term holders — technically the ones who have held the cryptocurrency for more than 166 days in a row — realized their profits ahead of it hitting an all-time high.

Robbie Liu, an investment analyst at OKEx cryptocurrency exchange, said in a Friday note that retail traders appeared uncertain about entering fresh long positions in the $19,500-20,000 area, allowing big players to overtake as sellers.

“Ultimately, we are likely to witness a battle between the whales and retail traders as Bitcoin tries to test the key psychological level of $20,000.”

Peter Schiff, the chief executive of Euro Pacific Capital — a California-based asset management firm, also noted that “long-term Bitcoin bulls” preferred to sell their profits to seek exposure in rival assets such as gold.

Articles like this one should make any wise investor sell #Bitcoin and buy #gold. Even long-term Bitcoin bulls should be taking profits on Bitcoin now and buying more gold. https://t.co/phcRDu45VV

— Peter Schiff (@PeterSchiff) December 7, 2020

Overturn

JPMorgan analysts stated that, in the long-term, Bitcoin should retain its bullish bias as more and more investors decide to reshuffle their capital from gold markets. The bank noted that money has poured into the BTC market since October at the precious metal’s expense.

“The adoption of bitcoin by institutional investors has only begun, while for gold its adoption by institutional investors is very advanced,” the analysts wrote.

They pitted listed security Grayscale Bitcoin Trust against exchange-traded funds backed by gold. The former attracted inflows worth $2 million since October, while the latter received $7 billion.

Tweet123Share196ShareSend
Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

Read more

Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Close

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin

Bitcoin Cycle Top Still Not In, Suggests NVT Golden Cross

On-chain data shows the Bitcoin NVT Golden Cross has still not breached into the territory that marked the tops of...

Keshav Verma 2 hours ago
hyperliquid hype hypeusd shib Shiba Inu

Shiba Inu Holds Firm Despite 18% Crash, 1.5M Holders Signal Faith in 2025 Recovery

Despite recent bearish movements, Shiba Inu (SHIB) continues to defy market pessimism, showcasing one of the strongest community-driven displays of...

James Halver 3 hours ago
claude-ai-3-altcoins-xrp-bnb-ada-maxi-doge-tw

Claude預測年底3大山寨幣走勢:XRP、BNB、ADA與Maxi Doge引領百倍幣投資

AI介入市場分析:Claude揭示新一輪山寨幣行情,人工智能正在重新定義投資判斷的方式。由Anthropic開發的Claude AI近日發佈報告,根據技術圖表、鏈上數據與市場基本面,預測了四大熱門山寨...

Mark Mak 4 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Crypto Market Records ‘Particularly Robust’ Q3 Performance With 16% Active Trader Growth – Report

Rubmar Garcia 28 minutes ago
crypto russia bitcoin btc btcusd

Russia’s New Crypto Framework Could Redefine Global Trade Amid Sanctions Pressure

James Halver 1 hour ago
Bitcoin Price Slides Lower

Bitcoin Price Slides Lower — Bears Tighten Grip Amid Weak Market Sentiment

Aayush Jindal 2 hours ago

Premium Sponsors

Press Releases

  • イーサリアム 今後の価格予測:12月に史上最高値の可能性、新興プレセール銘柄が注目を集める

    イーサリアム...

    16 hours ago
  • ビットコイン 今後:12億ドル規模のETF資金流出で10万7,000ドルのサポートが注目点に

    ビットコイン...

    16 hours ago
  • シバコイン 今後の価格予測:2025年強気相場に向けて再浮上の兆し、トークンバーンは上昇の鍵となるか

    シバコイン...

    16 hours ago
  • パイネットワーク価格予測:メインネットの噂で注目上昇、初期投資家に利益の可能性はあるか?

    ...

    16 hours ago
  • Have Dogecoin - Count It Toward Your Mortgag

    Có Dogecoin? Dùng để trả thế chấp – và lý do...

    16 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.