The asset has been falling in price for most of the week. JP Morgan Recently, a report stated that Bitcoin remains overbought in spite of the current correction. Spot Bitcoin ETF flows have been slowing down over the past week. Outflows have also increased over the same period.
Bank said the profit-taking could continue through the Bitcoin Halving Event. The asset has dropped more than 4% in the past 24 hours, according to CoinMarketCap. Its price, which is now $64,285, has dropped significantly from $73,000 in early March.
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JP Morgan says Bitcoin sell-off may continue
Over the last week, the value of a number of digital assets has decreased. After a major surge in Bitcoin’s price, the entire market has begun to correct. BTC is leading in this correction, as the asset has fallen more than 4% during the past seven days.
JP Morgan, however, believes the selling-off BTC may not be over, since Bitcoin remains too expensive, according to JP Morgan. According to a report published by CoinDeskAnalyst Nikolaos Pantigirtzoglou spoke about the current position of the asset on the market, and the short-term outlook for the asset.
“There remains considerable optimism in the market over the prospect for prices rising significantly by year-end,” The bank has said. “with a significant component of that optimism arising from a view that bitcoin demand via spot exchange-traded funds (ETFs) would continue that the same pace even as the supply of bitcoin diminishes after the halving event,”
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Banks are noticing a decline in ETF inflows. Outflows have also increased this week. “This challenges the notion that the spot Bitcoin ETF flow picture is going to be characterized as sustained one-way ent inflow,” The bank wrote.
After that, the bank stated “profit-taking is more likely to continue” After the halving. They also noted that the asset remained overbought despite the current correction. This sentiment puts the performance of assets after a halving in doubt.
At this time, it is scheduled that the event will take place next month. In particular, Bitcoin Halving Countdown projects the event This will take place on the 20th April. The value of Bitcoin will then be a key point to observe.
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Source: watcher.guru
