2024

Bitcoin

April

<ul>
 <li>JPMorgan claims that Bitcoin’s halving in April 2024 is already reflected in its price, and that a significant drop could be imminent.</li>
 <li>JPMorgan also says that retail investors are driving the recent rally to $52,000, but that the upside is limited from here.</li>
</ul>
Bitcoin is expected to undergo its fourth <a href="https://thenewscrypto.com/riot-platforms-posts-281-million-revenue-from-bitcoin-mining-in-2023/" target="_blank" rel="noopener noreferrer nofollow">halving</a> in April 2024, which will reduce the block reward from 6.25 BTC to 3.125 BTC, making new coins scarcer and more valuable. Amidst this, JPMorgan said that its upcoming halving in April 2024 is already factored into its price, and that a significant drop could be imminent.&nbsp;
The bank also said that retail investors are driving the recent rally to $52,000, but that the upside is limited from here. Historically, Bitcoin has experienced massive price increases in the months leading up to and following its halvings, as investors anticipate higher demand and lower supply.
However, <a href="https://thenewscrypto.com/jpmorgan-attributes-recent-crypto-surge-to-retail-trader-impulse/" target="_blank" rel="noopener noreferrer nofollow">JPMorgan</a> analysts, led by Nikolaos Panigirtzoglou, argue that this time is different, and that the halving effect is already priced in. They point to the data that shows that the flow of Bitcoin from smaller wallets, typically associated with retail traders, has outstripped that from larger wallets, usually linked to institutional investors.&nbsp;
They also note that the inflows into new spot Bitcoin ETFs, which offer exposure to Bitcoin without holding it directly, have not been enough to offset the selling pressure from miners and other sellers.
<a href="https://uk.linkedin.com/in/nikolaos-panigirtzoglou-5012975" target="_blank" rel="noopener noreferrer nofollow">Nikolaos Panigirtzoglou</a>, JPMorgan strategist, said:
<blockquote class="wp-block-quote">
 “The revival of the retail impulse in February perhaps reflects the anticipation of three main crypto catalysts over the coming months: the Bitcoin halving event, the next major upgrade of the Ethereum network and the prospect of approval of spot Ethereum ETFs by the Securities and Exchange Commission in May. We believe that the first two catalysts are largely priced in, while for the third catalyst, we see only a 50 per cent chance.”
</blockquote>
<h3 class="wp-block-heading" id="h-bitcoin-faces-risk">Bitcoin Faces Risk</h3>
The bank’s pessimistic view comes as <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> is struggling to maintain its momentum above $51,000, after reaching a new all-time high of $52,661 on February 15. If this trend continues, Bitcoin could record its first weekly loss since late January, when it dipped below $30,000.
According to JPMorgan, Bitcoin could face a major correction in the near future, as the market is overbought and the demand from institutional investors is not strong enough to sustain the rally. The bank also said that Bitcoin’s volatility, which has increased in recent weeks, makes it less attractive as an alternative asset class.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/crypto-exchange-kraken-files-motion-to-dismiss-u-s-sec-lawsuit/" rel="noopener noreferrer nofollow">Crypto Exchange Kraken Files Motion to Dismiss U.S SEC Lawsuit</a>

Pre-Halving Effect Reflected in Bitcoin’s Current Price: JPMorgan

Table of Contents

TheNewsCrypto

Other articles published on Feb 24, 2024

Altcoin Surge Predicted by Crypto Analyst While Bitcoin Takes a Breather

Uniswap Technical Analysis Hints the 55% Price Surge is Just the Beginning

CRKD Unveils Nitro Deck+: The Ultimate Upgrade for Switch Gamers

Controversy Surrounding Odo’s Character Arc in Star Trek: Deep Space Nine

Starknet Trading Volume Exceeds Cardano and Dogecoin as New Cryptos Hope To Shine

3,248 ETH Stolen In Axie Infinity Co-Founder Hack – Here Are The Details

Join our free newsletter for daily crypto updates!