As a seasoned crypto investor with several years of experience under my belt, I have learned to take market analysis and predictions from various sources with a grain of salt. However, JPMorgan’s recent report on Bitcoin’s supposed peak in terms of valuation and trading volumes is particularly concerning.
As a financial analyst, I would caution those expecting a new Bitcoin peak during this post-halving cycle that they may be in for an unpleasant surprise.
Based on a recent analysis by banking giant JPMorgan, it is believed that the value and trading activity for the leading cryptocurrency have reached their highest points.
On March 14, the most popular cryptocurrency hit its record high of $73,737. This achievement came in the wake of successful launches for several Bitcoin exchange-traded funds (ETFs).
As a researcher studying the cryptocurrency market, I’ve observed that despite an initial surge, the digital asset was unable to maintain its upward trend and hold above the $73,000 mark. Multiple efforts by buyers to regain this level proved fruitless.
I’ve experienced a significant setback in my Bitcoin investment last week as the price dipped below the $54,000 mark, representing a sizable correction of approximately 27% during this market cycle. The bearish trend for Bitcoin has been more pronounced compared to the US equities market due to several headwinds. These include the ongoing Mt. Gox repayments and the massive selling wave instigated by the German government.
JPMorgan noted the disappointing June performance of Bitcoin ETFs, with over $662 million in withdrawals.
Despite some analysts holding this view, the bull market for cryptocurrencies may not have reached its end yet. For instance, Tom Lee of Fundstrat maintains his $150,000 forecast for Bitcoin. Similarly, Peter Brandt is confident that this level could be attained by 2025 for the primary cryptocurrency.
In spite of the pessimistic conditions, indications point towards a potential market recuperation. A notable example is the significant $295 million inflow recorded on July 8 for Bitcoin spot ETFs, which represents increasing investor interest.
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2024-07-09 08:32