JPMorgan Warns about Bitcoin: There is Still Excess Despite the Decline!

The banking giant JPMorgan’s analysts expect further decline in Bitcoin (BTC). JPMorgan analysts led by Nikolaos Panigirtzoglou shared comments on Thursday, March 21st, that will concern Bitcoin investors. Despite the correction as of last Friday, the analysts pointed out that Bitcoin is still in a “overbought zone” and reminded that the risk appetite is high. They implied that the market needs to cool down before rising to higher levels and mentioned that corrections may continue: Indicators show that Bitcoin stayed in the overbought zone despite the sharp correction last week. What we have seen so far has been a small relaxation, and further decline is possible. They are also expecting a decline after Bitcoin halving In addition to their short-term decline expectations, JPMorgan analysts also forecasted a deeper decline after the Bitcoin halving. It was stated that after the halving, expected to take place in mid-April, the price could fall […]

JPMorgan Warns about Bitcoin: There is Still Excess Despite the Decline!

The banking giant JPMorgan’s analysts expect further decline in Bitcoin (BTC).

JPMorgan analysts led by Nikolaos Panigirtzoglou shared comments on Thursday, March 21st, that will concern Bitcoin investors.

Despite the correction as of last Friday, the analysts pointed out that Bitcoin is still in a “overbought zone” and reminded that the risk appetite is high.

They implied that the market needs to cool down before rising to higher levels and mentioned that corrections may continue:

Indicators show that Bitcoin stayed in the overbought zone despite the sharp correction last week. What we have seen so far has been a small relaxation, and further decline is possible.

They are also expecting a decline after Bitcoin halving

In addition to their short-term decline expectations, JPMorgan analysts also forecasted a deeper decline after the Bitcoin halving. It was stated that after the halving, expected to take place in mid-April, the price could fall to $42,000.

As a reason for this decline, the analysts pointed to the slowing down of flows of funds to spot Bitcoin ETFs in the coming period. It was noted that the wave of spot Bitcoin ETFs and the wave of halving could ultimately result in selling, which could bring the price down to $42,000.

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