The iShares Bitcoin Trust (IBIT) struggled again today. It is now up 6.14% over the past 5 days but down 0.58% in the year-to-date.
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According to TipRanks’ technical analysis, the IBIT is now at a Sell consensus based on 10 Bearish, 6 Neutral and 6 Bullish ratings.
Based on the activity of 830,602 investors in the recent quarter, it has scored a below sector-average neutral sentiment. Those investors aged under 35 have been the most active buyers.
In total, 1.9% of all portfolios hold IBIT.
Today’s IBIT Performance
Today, the IBIT was down 0.97 at $52.23. The main drag was the price of Bitcoin, which slid 1.45% to $92,096.
Once again it is fears over the state of the U.S. economy and uncertainty over direction of interest rates which have dismayed investors.
However, American entrepreneur and investor Kevin O’Leary has pushed back strongly against the market’s high speculation that the U.S. Federal Reserve will cut interest rates in December. While a rate cut is typically seen as a major bullish catalyst for crypto, O’Leary, also known as “Mr. Wonderful,” doesn’t anticipate that the Fed’s decision will “make a difference to Bitcoin.”
Despite the volatility surrounding the Fed’s decision, O’Leary is not anticipating a significant negative impact on the price of Bitcoin. He stated that it has already found “a level for now” and he doesn’t forecast its price going much lower.
JPMorgan (JPM) sees crypto potentially climbing 84% over the next six to 12 months, citing a projection from its model that assumes bitcoin will trade similarly to the price of gold.
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