Bitcoin Might Dip Post-Halving – JPMorgan Analysts

JPMorgan analysts predict a potential Bitcoin price drop following the upcoming halving event due to the market’s overbought status. They point to BTC futures’ open interest, indicating Bitcoin’s trading above the volatility-adjusted $45,000 price.

This suggests waning investor interest and the halving event already factoring into market prices.

As of 03:13 EST, Bitcoin traded at $64,700, up nearly 6% over 24 hours, ahead of the expected halving on April 19 or 20, which historically sparked a price rally. Despite recent price drops on Friday and Saturday, analysts note a lack of rebound, with the market seemingly adjusting to current prices ahead of the halving.

This analysis aligns with Goldman Sachs‘ caution against using past cycles to gauge Bitcoin’s future due to different macroeconomic conditions. Goldman highlighted the low interest rates during previous halvings as a key difference.

In a separate note, JPMorgan CEO Jamie Dimon reiterated his skepticism towards Bitcoin, branding it a “fraud” and “Ponzi scheme” in a Bloomberg TV interview.

Despite this, Dimon recognized the value of blockchain and smart contracts, stating that cryptocurrencies with such capabilities hold inherent value.

Image Credit: Shutterstock

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Bitcoin Might Dip Post-Halving – JPMorgan Analysts

was first posted on April 19, 2024 at 10:14 pm.
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