Despite optimism about Bitcoin’s future trajectory The upcoming year Bitcoin HalvingAnalysts at JPMorgan are concerned that the outcome may not be as expected. The analysts believe there is still a lot of storm left for the main crypto token to go before it makes a huge move upwards.
More Bitcoin Pullbacks are to be Expected
Bloomberg reportJPMorgan strategists warn that Bitcoin’s recent fall could lead to further drops. They made reference to the recent net outflows Recorded by Spot Bitcoin ETFsThe current sentiment towards Bitcoin is bearish.
The strategists led by Nikolaos Nikolaos Pantigirtzoglou also cited the open interest for CME Bitcoin futures in a negative light. Further, they argue that Bitcoin “still looks overbought” Expect further drops in prices leading up to mid-April’s Halving.
JPMorgan analysts also emphasized that the net flows into ETFs for Spots have declined, stating that this is proof that net flows cannot be one way. They expect investors in these funds Keep taking profit heading towards the Bitcoin Halving. It is more probable that this wave of profits-taking will also occur, given the Bitcoin Halving. “still looks overbought despite the past week’s correction.” They claimed.
JPMorgan has recently released a research note that reaffirms the bank’s bearish view on Bitcoin, despite its price exceeding all expectations. The bank had predicted last month that Bitcoin’s price could fall to $42,000 by April. “Bitcoin-halving-induced euphoria subsides.”
Naeem aslam is chief investment officer of Zaye Capital Markets. He echoed JPMoragn’s views when he stated that Bitcoin’s recent rally The strength of the Bitcoin didn’t match expectations. Aslam says Bitcoin may fall below $50,000 in the event of a Halving. “fails to really keep the momentum going.”
What Can Happen after The Halving Event
Rekt Capital, a cryptocurrency trader/analyst recently provided He also explains the four phases that Bitcoin Halving goes through. He said that there’s usually a period of reaccumulation after the Halving which can last up to five month.
He noted that during this time, many investors “get shaken up due to impatience and boredom with the lack of significant results.” BTC investment in the immediate aftermath of the Halving.” Rekt Capital said that since this is the first time they have done this, this could be a different time. re-accumulation Could develop around the new all-time high (ATH) area.
He believes that. “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
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