Blockchain
JPMorgan Issues Dire Warning to Bitcoin Bulls
Alex Dobnya
Still hoping for a new Bitcoin spike? JPMorgan has bad news for you
Read U.TODAY on
Google News
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 flagship cryptocurrency has already peaked in terms of valuation and trading volume.
The leading cryptocurrency reached its current high of $73,737 on March 14, following the highly successful debut of several Bitcoin exchange-traded funds (ETFs).
However, the cryptocurrency failed to maintain its bullish momentum. Multiple attempts to reclaim $73,000 were unsuccessful for the bulls.
Last week, the price of Bitcoin plunged below the $54,000 level, recording the largest correction of the current cycle by 27%. The cryptocurrency has been underperforming the US stock market due to various bearish headwinds such as the Mt. Gox redemptions and Massive sales initiated by the German government.
JPMorgan also cited the disappointing performance of Bitcoin ETFs in June, which suffered outflows of $662 million.
However, there are still some analysts who believe that the bull cycle is far from over. For example, Tom Lee of Fundstrat recently reiterated his price prediction of $150,000. Commodity trader Peter Brandt is also convinced that such a target would be achievable for the leading cryptocurrency in 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 astonishing $295 million in inflows on July 8, in a sign of growing demand.
About the author
Alex Dobnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything from price analysis to Blockchain disruption. Alex has written over 1,000 stories for U.Today, CryptoComes, and other fintech media. 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.