Bitcoin
JPMorgan Has a Dire Warning for Bitcoin Bulls
Alex Dovbnya
Still waiting for a new Bitcoin peak? JPMorgan has bad news for you
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Those hoping to see a new Bitcoin peak during the current post-halving cycle may be in for a rude awakening.
According to a recent report by banking analyst JPMorgan, the leading cryptocurrency has already peaked in terms of valuation and trading volumes.
The leading cryptocurrency reached its current peak of $73,737 on March 14 following the successful debut of several Bitcoin exchange-traded funds (ETFs).
However, the cryptocurrency failed to sustain its bullish momentum. Multiple attempts to reclaim $73,000 were unsuccessful for the bulls.
Last week, Bitcoin’s price fell below the $54,000 level, recording the largest correction of the current cycle at 27%. The cryptocurrency has been underperforming the U.S. stock market due to several bearish headwinds, such as the Mt. Gox refunds and massive sales initiated by the German government.
JPMorgan also mentioned the underperformance of Bitcoin ETFs in June, which suffered from outflows worth $662 million.
However, there are still some analysts who believe that the bull cycle is far from over. For example, Fundstrat’s Tom Lee recently reiterated his $150,000 price prediction. Commodity trader Peter Brandt is also convinced that such a target would be achievable for the leading cryptocurrency by 2025.
Despite the bearish headwinds, there are still some signs that the market may be in recovery mode. For example, spot Bitcoin ETFs managed to record an impressive $295 million in inflows on July 8, in a sign of growing demand.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything related to the burgeoning industry — from price analysis to blockchain disruption. Alex has authored over 1,000 stories for U.Today, CryptoComes, and other fintech media outlets. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets, and can be reached at alex.dovbnya@u.today.