Here's JP Morgan's latest take on $BTC. These guys got the #bitcoin thesis right in 2020 yet somehow managed to turn themselves bearish before $20K and have been issuing warning signals non-stop since early December.

They get many things wrong. First, they sustain Bitcoin's intrinsic value is determined by its cost of production. This is wrong. The cost of production is determined by total hashpower, and hash follows price, not the other way around. https://twitter.com/krugermacro/status/1140333335216054273?s=20

In a bull market hash is supposed to lag price and can lag price for quite a while before catching up. https://twitter.com/krugermacro/status/1355588110462160898?s=20

This is from another JP report. They sustain a bitcoin ETF would be bearish as it would kill institutional demand to take advantage of the GBTC premium. This is short-sighted. An ETF would unleash massive new demand from both institutions and retail.

They believe Tesla's announcement is unlikely to be followed by more mainstream corporates. I'd be very surprised if that's the case. And there's plenty of time.

Even if right, betting on no follow through is a bad bet regardless, as the associated payoffs are assymetrical.

JP analysts needed price to cross above 40K to turn bullish, for their momentum signals to flash green again.

You don't need confirmation to be bullish in a bull market. Upwards continuation was to be expected all along.

"We well turn bullish on a daily close above 40k"

Good luck getting long at 46K, the first daily close after the 40K break.

You are only 40%-50% too late and getting long as leverage explodes higher.

It's interesting how Wall Street analysts can get it so right yet so wrong at the same time.

The only right stance for $BTC has been bullish since April 2020.

The main risk all along has not been price crashing, but price accelerating higher.