Bitcoin

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Those who hope to see a new Bitcoin peak during the current post-halving cycle might be in for a rude awakening.&nbsp;
According to a recent report by banking analyst JPMorgan, the flagship cryptocurrency has already peaked in terms of its valuation and trading volumes.&nbsp;&nbsp;
The leading cryptocurrency reached its current peak of $73,737 on March 14 following the highly successful debut of various Bitcoin exchange-traded funds (ETFs).&nbsp;
However, the cryptocurrency failed to sustain its bullish momentum. Multiple attempts to reclaim the $73,000 were unsuccessful for the bulls.&nbsp;&nbsp;&nbsp;
Last week, the Bitcoin price plunged below the $54,000 level, recording the biggest correction of the current cycle of 27%. The cryptocurrency has been underperforming the U.S. equities market due to various bearish headwinds such as Mt. Gox's repayments and&nbsp;<a href="https://u.today/german-government-cant-stop-selling-bitcoin" rel="noopener noreferrer nofollow">massive sales</a> initiated by the German government.&nbsp;
JPMorgan also mentioned the underwhelming performance of Bitcoin ETFs in June, which suffered from $662 million worth of outflows.&nbsp;&nbsp;&nbsp;
However, there are still some analysts who believe that the bullish cycle is far from over. For instance, Fundstrat's Tom Lee recently&nbsp;<a href="https://u.today/tom-lee-doubles-down-on-150000-bitcoin-price-call" rel="noopener noreferrer nofollow">reiterated</a> his $150,000 price prediction. Commodity trader Peter Brandt is also convinced that such a target would be achievable for the leading cryptocurrency in 2025.&nbsp;
Despite the bearish headwinds, there are still some signs that the market might be in recovery mode. For instance, Bitcoin spot ETFs managed to record a stunning $295 million worth of inflows on July 8 in a sign of growing demand.&nbsp;

JPMorgan Has Dire Warning for Bitcoin Bulls

U_Today

Інші статті, опубліковані 9 лип. 2024 р.

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