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Multiple JPMorgan Chase
experts analyzed Bitcoin’s current price when compared to other
commodities, and noted that the asset could see selling pressure ahead. 

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“The
JPMorgan strategists said they calculated an intrinsic value by
effectively treating Bitcoin as a commodity and looking at the marginal
cost of production,” according to an Oct. 14 article from India’s BloombergQuint media outlet — a partnered entity involving Bloomberg and Quintillion Media. The article added:

“Bitcoin
faces a ‘modest headwind’ in the short term based on an analysis of
bets in the futures market and an estimate of the cryptocurrency’s
intrinsic value, according to JPMorgan Chase & Co.”

Bitcoin
futures prices often trade slightly above or below the going market
rate for the asset, also known as its spot price. Futures prices tend to
get closer to spot prices as contracts near their expiration dates.
Futures prices above spot can indicate bullishness, while prices below
spot can indicate bearish expectations.

JPMorgan’s specialists
reported that Bitcoin's bullish positions outnumber its bearish
positions, according to a futures-based indicator. The strategists also
mentioned an increase in buying pressure resulting from the recent trend of mainstream financial giants entering Bitcoin; Paul Tudor Jones, MicroStrategy, and Square have all purchased heavy Bitcoin bags in 2020.

Bitcoin has gained mainstream notoriety
as a commodity in recent years, with participants commonly comparing to
the asset as digital gold. The fact that traditional analysts have
begun to view Bitcoin as a commodity could indicate a continuation of
the asset's mainstream trajectory.