Bitcoin

In a recent research report, JPMorgan’s financial experts have forecasted a significant upturn for Bitcoin and the broader cryptocurrency market starting in August. The Wall Street giant anticipates that the current wave of liquidations will subside by the end of July, paving the way for a market recovery.
The bank has revised its year-to-date net flow estimate downward from $12 billion to $8 billion, citing several factors influencing this adjustment. Nikolaos Panigirtzoglou, a leading analyst at JPMorgan, explained that the reduction is primarily due to declining Bitcoin reserves across exchanges over the past month.
This decrease in reserves is attributed to various factors, including liquidations by creditors of Mt. Gox and Gemini, as well as substantial selling by the German government. The German authorities have been offloading cryptocurrency seized from criminal activities, contributing to the market pressure.
Despite the recent market downturn, with Bitcoin trading around $57,330 – a 20% drop from its March high of $73,000 – JPMorgan remains optimistic about the crypto market’s near-term prospects. The bank’s analysts believe that the current liquidation phase will conclude by the end of July, setting the stage for a rebound.
The cryptocurrency market has faced significant headwinds in recent weeks, including miner sell-offs following the Bitcoin halving event and the German government’s disposal of seized assets. However, JPMorgan’s forecast suggests that these pressures may soon alleviate, potentially leading to a more favorable market environment.
As the crypto community eagerly awaits the predicted August turnaround, market participants will be closely monitoring key indicators and developments that could influence this anticipated resurgence in Bitcoin and the wider cryptocurrency market.

Bitcoin and Crypto Markets Poised for August Resurgence, JPMorgan Analysts Predict

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Artikel lain yang dipublikasikan pada 12 Jul 2024

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