2024

Bitcoin

Billion

Spot

<p>The Bitcoin price will likely drop after the halving event as the market is still in an overbought condition, JPMorgan said.</p>
<p>Analysts from the investment banking giant said that open interest in BTC futures shows Bitcoin is overbought and trading above the volatility-adjusted price of $45,000.</p>
<p>They added that the recent performance signaled declining investor interest and that the Bitcoin halving event is already priced in by markets.</p>
<p>Bitcoin was trading at $64,700 at 03:13 EST after gaining nearly 6% in the past 24 hours. The gains come hours before the halving on April 19 or 20, which has historically triggered a rally in the BTC price.</p>
<h2 id="the-bitcoin-price-technical-picture-is-rather-worrying">The Bitcoin Price: Technical Picture is ”Rather Worrying”</h2>
<p>“The technical picture for Bitcoin is rather worrying, as we saw no rebound after the price drop on Friday and Saturday,” the bank’s analysts said. “On the contrary, the market seems to be getting used to current prices in anticipation of a halving.”</p>
<p>JPMorgan’s analysis of Bitcoin’s likely price performance after the BTC halving is similar to that of Goldman Sachs. In a note to investors, Goldman <a href="https://insidebitcoins.com/news/goldman-sachs-suggests-the-bitcoin-halving-may-not-drive-the-btc-price-higher-this-time-because-of-different-macro-conditions" target="_blank" rel="noopener noreferrer nofollow">warned</a> against using past cycles to predict Bitcoin’s performance, arguing that macro conditions are different to previous halvings, when interest rates were extremely low.</p>
<h2 id="jpmorgan-ceo-says-bitcoin-is-a-fraud">JPMorgan CEO Says Bitcoin is a “Fraud”</h2>
<p>Meanwhile, JPMorgan CEO Jamie Dimon has resumed his onslaught against Bitcoin, calling it a “fraud” and a “Ponzi scheme” in an interview with Bloomberg TV.</p>
<p>“If you mean crypto like Bitcoin, I’ve always said it’s a fraud,” he said.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">JUST IN: JPMorgan CEO Jamie Dimon says <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> is a fraud and a ponzi scheme.</p>
 <p>JPMorgan is an authorized participant for BlackRock's Spot Bitcoin&nbsp;ETF. <a href="https://t.co/4tpjkaZ0TV" rel="noopener noreferrer nofollow">pic.twitter.com/4tpjkaZ0TV</a></p>
 <p>— Watcher.Guru (@WatcherGuru) <a href="https://twitter.com/WatcherGuru/status/1780981956655640843?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 18, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Dimon also said he was skeptical about the potential of BTC as a currency, saying it lacked the proper attributes.</p>
<p>Nevertheless, Dimon acknowledged the value of smart contracts and blockchain technology. According to him, if a cryptocurrency can create something through smart contracts, then it has value.</p>
<h3 id="also-read">Also Read:</h3>
<ul>
 <li><a href="https://insidebitcoins.com/news/todaytrader-reviews-potential-investment-opportunity-ahead-of-doge-day-and-bitcoin-halving" rel="noopener noreferrer nofollow">TodayTrader Reviews Potential Investment Opportunity Ahead of Doge Day and Bitcoin Halving</a></li>
 <li><a href="https://insidebitcoins.com/news/will-shibs-price-surge-after-the-bitcoin-halving-or-will-this-new-multi-chain-meme-coin-outperform-it-in-2024" rel="noopener noreferrer nofollow">Will $SHIB’s Price Surge After the Bitcoin Halving, or Will This New Multi-Chain Meme Coin Outperform It in 2024?</a></li>
 <li><a href="https://insidebitcoins.com/news/crypto-market-facing-six-month-lull-with-bitcoin-miners-set-to-offload-up-to-5-billion-btc-after-the-bitcoin-halving-10x-research-says" rel="noopener noreferrer nofollow">Crypto Market Facing ”Six-Month Lull” With Bitcoin Miners Set To Offload Up To $5 Billion BTC After The Bitcoin Halving, 10X Research Says</a></li>
</ul>

JPMorgan Analysts Predict The Bitcoin Price Will Weaken After The BTC Halving

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Inside Bitcoins

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