Donald Trump

Bitcoin

CRYPTO

<p>Bitcoin is undergoing a correction after briefly breaking the $68,000 mark. JP Morgan analysts, however, predict a persistent downward trend. This forecast raises questions about the trajectory of the crypto asset’s price.</p>
<h2 id="h-jp-morgan-and-the-recent-movements-of-bitcoin">JP Morgan and the recent movements of Bitcoin</h2>
<p>On July 21st, Bitcoin briefly increased, reaching $68,000 before dropping back to around $67,000. This rise <a href="https://www.cointribune.com/en/joe-biden-throws-in-the-towel-bitcoin-surpasses-68000/" target="_blank" rel="noopener noreferrer nofollow">followed the announcement of Joe Biden’s withdrawal</a> from the Democratic primary race. Despite the enthusiasm of investors hoping to see BTC exceed $70,000, JP Morgan analysts expressed reservations.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>According to them, the price of the crypto asset is too high compared to its production cost, estimated at around $43,000. They suggest its value adjusted for volatility should be around $53,000. This analysis indicates a possible return to a lower value, limiting long-term gains. Currently, BTC trades below $66,000, showing a downward trend that seems to confirm the analysts’ forecasts.</p>
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <div class="entry-content-asset">
   <div class="social-embed-container">
    <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
     <p lang="en" dir="ltr">JPMORGAN ANALYSTS EXPECT TEMPORARY CRYPTO REBOUND<br><br>According to JPMorgan analysts, any imminent rise in crypto prices will be short-lived, driven by strategic liquidations.<br><br>They noted bitcoin's high current price relative to its production cost and compared it to gold's… <a href="https://t.co/khK1JUUTP3" rel="noopener noreferrer nofollow">pic.twitter.com/khK1JUUTP3</a></p>— Crypto Town Hall (@Crypto_TownHall) <a href="https://twitter.com/Crypto_TownHall/status/1815170551356522740?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 21, 2024</a>
    </blockquote>
    <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
   </div>
  </div>
 </div>
</figure>
<div class="affiliate-button"><a class="affiliate-button__link" href="https://bitvavo.com/fr/affiliate/coinmedia?a=_cta" target="_blank" rel="noopener noreferrer nofollow">€20 bonus for registering on Bitvavo</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noopener noreferrer nofollow">This link uses an affiliate program.</a>
</div>
<h2 id="h-peter-brandt-s-vision-and-trends-to-watch">Peter Brandt’s vision and trends to watch</h2>
<p>Other experts, like trader Peter Brandt, share a divergent view. Brandt acknowledges a short-term bearish trend but sees long-term growth potential. This optimism is supported by the growing interest in Bitcoin ETFs, which attracted more than a billion dollars in capital last week, according to Bloomberg. This trend shows a renewed interest from institutional investors, a positive sign for the future of Bitcoin.</p>
<p>Moreover, the potential re-election of Donald Trump in November 2024 is seen by some as a possible catalyst for crypto. This is due to his supposedly favorable stance towards the sector. Additionally, rumors are circulating about a possible announcement at the Bitcoin conference in Nashville, where Trump could declare Bitcoin as a strategic reserve asset.</p>
<p>In summary, the <a href="https://www.cointribune.com/en/cryptocurrency-jpmorgan-announces-an-imminent-market-comeback/" target="_blank" rel="noopener noreferrer nofollow">crypto market</a> is currently marked by great uncertainty, with varied perspectives depending on the analysts. While JP Morgan envisions a continued short-term decline, other experts see long-term growth potential. Investors must therefore stay alert to market developments and political events, keeping in mind the inherent risks of this volatile sector.</p>

Bitcoin in Decline: What If JP Morgan Analysts Were Correct?

Table of Contents

Cointribune EN

Outros artigos publicados em 25 de jul. de 2024

Kamala Harris Bitcoin Snub Faces Tyler Winklevoss's "No Mercy" Warning

Rollblock Smashes Through 6000 Presale Registrations; Solana (SOL) and Dogecoin (DOGE) Show Strength

Trump Announces Plans for Fourth NFT Collection After ‘Successful’ Previous Series

Injective Token Faces Pressure

Polymarket Trader Has Bet Over $1M On President Biden To Not Finish His Term: Here's How That Is ...

Ethereum Whales Rapidly Accumulate ETH Amid Price Decline

Join our free newsletter for daily crypto updates!