JUST

Bitcoin

Billion

Spot

<div class="insidebitcoins">
 <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 <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> of Bitcoin’s likely price performance after the BTC halving is similar to that of Goldman Sachs. In a note to investors, Goldman warned 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 #Bitcoin is a fraud and a ponzi scheme.</p>
  <p>JPMorgan is an authorized participant for BlackRock's Spot Bitcoin&nbsp;ETF. pic.twitter.com/4tpjkaZ0TV</p>
  <p>— Watcher.Guru (@WatcherGuru) April 18, 2024</p>
 </blockquote>
 <p></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>TodayTrader Reviews Potential Investment Opportunity Ahead of Doge Day and Bitcoin Halving</li>
  <li>Will $SHIB’s Price Surge After the Bitcoin Halving, or Will This New Multi-Chain Meme Coin Outperform It in 2024?</li>
  <li>Crypto Market Facing ”Six-Month Lull” With Bitcoin Miners Set To Offload Up To $5 Billion BTC After The Bitcoin Halving, 10X Research Says</li>
 </ul>
 <p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/jpmorgan-analysts-predict-the-bitcoin-price-will-weaken-after-the-btc-halving-tbt85780.html">https://thebittimes.com/jpmorgan-analysts-predict-the-bitcoin-price-will-weaken-after-the-btc-halving-tbt85780.html</a></p>
</div>

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

Table of Contents

TheBitTimes

Other articles published on Apr 19, 2024

Crypto Market Is About To Explode - Last Chance to Buy these Altcoins

Solana’s devnet outage – Why SOL’s 11% rally could come to a halt

Ethereum on track for $1B annual profit as DeFi drives Q1 revenue

Fed Rate Cut Delay Sparks Crypto Volatility Concerns Despite Halving

Will PI Coin Price Continue Advancing Upwards Steadily?

Solana Rival – BlockDAG Coin Outcasts, the Best Meme Coins, with 30,000x ROI Potential Outshining...

Join our free newsletter for daily crypto updates!