JPMorgan Says Crypto Liquidations Will End And Bitcoin Bull Market Will Begin, Here’s When
15 Julio 2024 - 11:30AM
NEWSBTC
American multinational finance company, JP Morgan has maintained a
bullish stance on the Bitcoin price outlook despite recent bearish
trends. The bank has announced the timeline for the conclusion of
the ongoing BTC liquidations, predicting a subsequent rebound in
the market. JP Morgan Predicts Bitcoin Market Rebound In
August In a research report on Wednesday, JP Morgan suggested that
BTC liquidations should abate this July, foreseeing the start of a
strong bull market as bearish trends caused by sell-offs subside.
While the bank believes that a market recovery is imminent, it is
also skeptical about the sustainability of high Bitcoin inflows in
its year-to-date flow into crypto assets. Related Reading: Dogecoin
Sees 868% Spike In Whale Buys, Bulls Ready For Breakout Rally For
one, JP Morgan has revised and grossly reduced its former
year-to-date crypto net flow from $12 billion to $8 billion. So far
this year, Spot Bitcoin ETFs have been the major driver for
substantial inflows into the crypto market. JP Morgan’s
skepticism also stems from Bitcoin’s high price relative to its
production cost and the price of gold. A crypto analyst from the
bank, Nikolaos Panigirtzoglou has suggested that the bank’s
reduction in the estimated year-to-date net flow was also due to
the recent decline in Bitcoin reserves across exchanges. The
decline in Bitcoin reserves over the past month is believed to be a
result of the ongoing selling pressures and widespread BTC
liquidations executed by Mt Gox creditors and the German
government. As mentioned earlier, JP Morgan has predicted that this
BTC sell-off will officially end in July, giving rise to a
substantial bullish rally for Bitcoin in August. Following the
bank’s predictions, many crypto analysts and community members have
suggested that the recent upsurge in Bitcoin’s price is the
continuation of a strong bull market. A crypto analyst
identified as ‘CryptoYoddha’ on X (formerly Twitter) has revealed
that the German government was preparing to sell their remaining
BTC just before the bull run. Despite the aggressive selling by the
German government and the subsequent market turmoil, the analyst
noted that Bitcoin still appears bullish. About The Ongoing
BTC Liquidations Earlier in June, Mt Gox announced that it would be
making repayments to creditors in July. While the defunct Bitcoin
exchange’s decision to start its repayment process comes as good
news to creditors, there is also an underlying unease concerning
potential Bitcoin sell-offs. Related Reading: Ethereum Bulls Gear
Up For Recovery – Can Spot ETFs Push Price To New Highs? With
creditors steadily receiving part of Mt Gox’s 142,000 BTC payment
worth about $9 billion, the market fears are somewhat justified as
a widespread Bitcoin dump would have a major impact on the price of
the cryptocurrency. In addition to Mt Gox’s substantial Bitcoin
redistribution plans, the German government has also been seen
selling almost 100% of its Bitcoin holdings seized from
criminals. These substantial crypto liquidations have put a
major damper on the price of Bitcoin, triggering serious price
declines that have significantly delayed the highly anticipated
Bitcoin bull run. A crypto analyst identified as ‘Rekt Capital’ has
indicated that the Bitcoin bull market based on standard halving
cycles has already advanced by 40.1%. Featured image created
with Dall.E, chart from Tradingview.com
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