Mounting Bitcoin Challenges: Predictions Indicate More Downturns Ahead
As the Bitcoin Halving event approaches, the outlook for Bitcoin seems less hopeful than expected, signaling that bitcoin troubles continue. JPMorgan analysts have voiced their apprehensions about the path ahead for the leading cryptocurrency, hinting at turbulent times before any significant price escalation. The Bloomberg report highlights the views of these strategists, including Nikolaos Panigirtzoglou, who surmise that Bitcoin may witness additional downturns following its latest dip. This prediction is based on the recent net outflows from Spot Bitcoin ETFs, indicative of the prevailing negative sentiment within the Bitcoin milieu. The analysts further identify the enduring interest in CME Bitcoin futures as another bearish indicator for Bitcoin’s price. They maintain that Bitcoin still appears overpriced and anticipate more price drops in the run-up to the mid-April Halving event. Furthermore, they underscore the decrease in net inflows into Spot ETFs as evidence that a continued one-way net inflow is improbable. Consequently, they foresee fund investors capitalizing on gains as the Bitcoin Halving approaches. This profit-realization is expected to amplify as Bitcoin appears overbought, even after the recent market correction. In the previous month, the bank forecasted that Bitcoin’s price could plunge to as low as $42,000 post-April, once the Halving event’s excitement fades. This pessimistic view is echoed by Naeem Aslam, the chief investment officer at Zaye Capital Markets, who opines that Bitcoin’s recent upswing lacked sufficient vigor and could slip below $50,000 if the Halving event does not sustain the momentum.
Not financial advice. Always be safe and secure when dealing with cryptocurrency. Never send anyone your private key. Always Do Your Own Research..DYOR..DYOR..DYOR!
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