Bitcoin Troubles Far From Over As More Carnage Looms, JPMorgan Analysts
22 Marzo 2024 - 11:00AM
NEWSBTC
Despite optimism about Bitcoin’s future trajectory heading into the
Bitcoin Halving, analysts at JPMorgan have raised concerns that
things may not go according to everyone’s expectations. They
believe that a storm still lies ahead for the flagship crypto token
before any massive move to the upside. Further Bitcoin
Pullbacks Are To Be Expected According to a Bloomberg report,
JPMorgan strategists have warned that Bitcoin could still
experience further pullbacks following its recent decline. They
alluded to the recent net outflows recorded by the Spot Bitcoin
ETFs, which underscored the current bearish sentiment in the
Bitcoin ecosystem. Related Reading: Crypto Analyst Says XRP
Price Is Headed For $27 As 2017 Pattern Emerges These strategists,
led by Nikolaos Nikolaos Panigirtzoglou, also highlighted the
sustained open interest in CME Bitcoin futures as another bearish
signal for Bitcoin’s price. They further argue that Bitcoin “still
looks overbought” and expect further price dips leading up to the
Halving event in mid-April. Meanwhile, these JPMorgan
analysts emphasized the decline in net inflows into Spot ETFs,
noting that this proves that a sustained one-way net inflow is not
possible. Therefore, they expect investors in these funds to keep
taking profits heading into the Bitcoin Halving. This wave of
profit-taking is also more likely, considering that Bitcoin “still
looks overbought despite the past week’s correction.” they
claimed. This recent research note by JPMorgan further
reaffirms their bearish sentiment towards Bitcoin’s price despite
the flagship crypto exceeding expectations. Last month, the bank
predicted that Bitcoin could drop to as low as $42,000 after April
as “Bitcoin-halving-induced euphoria subsides.” Naeem Aslam, chief
investment officer at Zaye Capital Markets, also echoed JPMoragn’s
sentiments when he suggested that Bitcoin’s recent rally didn’t
show enough strength. Aslam believes Bitcoin could fall below
$50,000 if the Halving event “fails to really keep the momentum
going.” What Could Happen After The Halving Event Crypto trader and
analyst Rekt Capital recently provided insights into what could
happen after the Havling event while elaborating on the four phases
of Bitcoin Halving. According to him, there is usually a
re-accumulation period after the Halving, which could last for up
to five months. Related Reading: Shiba Inu Sees A Shift:
Short Term Holders Take Possession Of 23 Trillion SHIB During this
period, he noted that many investors get “shaken out in this stage
due to boredom, impatience, and disappointment with lack of major
results in their BTC investment in the immediate aftermath of the
Halving.” Rekt Capital added that this time could be different
since it is the first time this re-accumulation could develop
around the new all-time high (ATH) area. Therefore, he
believes this “Re-Accumulation Range may simply take the shape of a
regular sideways range and may not last very long before additional
uptrend continuation.” BTC price struggles to establish support |
Source: BTCUSD on Tradingview.com Featured image from Crypto News,
chart from Tradingview.com
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