Is Bitcoin Overpriced? BTC Bulls and Bears This Week

Since breaking above $36,000 final week, Bitcoin’s trade charge with the U.S. greenback and USD stablecoins has held regular above the $36,500 stage.

The bull market has taken BTC’s market cap as much as 55% of the worldwide silver market cap. In the meantime, the full market capitalization of all cryptocurrencies has surpassed the worth of all of the world’s silver.

The final time that occurred was through the bull run to all-time excessive crypto costs in 2021. However there are nonetheless some bears on this market. They’re cautioning that the rally could have already overpriced the results of a spot Bitcoin ETF getting the go-ahead from the U.S. SEC.

Bitcoin ETF Bears: JP Morgan, Euro Pacific Capital

JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a report on Wednesday that the “crypto rally appears to be like overdone.” The analysts famous that spot ETFs for Bitcoin exist already in Canada and Europe, however have gained “little curiosity from buyers since their inception.”

Moreover, the JPMorgan group mentioned:

“First, as a substitute of contemporary capital getting into the crypto trade to be invested within the newly-approved ETFs, we see as a extra possible situation current capital shifting from current bitcoin merchandise such because the Grayscale bitcoin belief, bitcoin futures ETFs and publicly listed bitcoin mining firms, into the newly-approved spot bitcoin ETFs.”

Along with the New York financial institution, Euro Pacific Capital’s chief strategist, Peter Schiff, mentioned Friday in a put up to X.com:

“Based mostly on the outcomes my guess is that Bitcoin crashes earlier than the ETF launch. That why the individuals who purchased the rumor received’t truly revenue in the event that they anticipate the very fact to promote.”

That’s according to the outlook on BTC Schiff had on the finish of October.

BTC Bulls – Bernstein, Galaxy Digital, CryptoRover

Nonetheless, Bitcoin bulls abound on this market.

Bernstein analyst Gautam Chhugani mentioned in a analysis notice at first of November:

“You could not like Bitcoin as a lot as we do, however a dispassionate view of Bitcoin as a commodity suggests a flip of the cycle. A good suggestion is simply nearly as good as its timing – SEC accredited ETFs by world’s high asset managers (BlackRock, Constancy et al), appears imminent.”

The Bernstein monetary advisor may be very bullish. The latest notice forecasts a Bitcoin worth of $150,000 someday throughout the subsequent two years.

In the meantime, Galaxy Digital expects Bitcoin worth to rise 70% following a spot ETF approval. That will push Bitcoin to a valuation above $54,000 for 1 BTC.

CryptoRover is one other Bitcoin ETF bull this November. The analyst with 100K YouTube subs and 586K X.com followers argues this isn’t a buy-the-rumor, sell-the-news situation.

As a substitute, he says, it’s the start of a long-term sea change with institutional buyers in Bitcoin markets. He expects the rally to “result in a $100,000 $BTC very quickly.”