The bank has therefore warned of a further drop to face the digital asset, despite market-wide anticipation. Over the last 24 hours, the asset has remained steady, trading just under $6,300 according to CoinMarketCap. However, the last week has seen it lead to stark losses across the board for the market.
JPMorgan Says Bitcoin Halving is “Already Priced In”
One of the most important events for the digital asset market is the Bitcoin halving. Arriving every four years, it sees the circulating supply of BTC get cut in half. This, in turn, increases the value of the asset over time, creating a functionality that is exclusive to the digital currency.
Yet, in 2024, there seems to be some concern regarding the actual impact of Bitcoin on the market. Indeed, JPMorgan has predicted further losses to meet the market with the arrival of the Bitcoin Halving. Specifically, The Block reported the bank’s analyst, Nikolaos Panigirtzoglou stating that expected price increases are “already priced in.”
Moreover, the analyst said that” in fact, we see a downside for the bitcoin price post-halving for several reasons.” Among those is the inclusion of “overbought conditions” facing the asset within the market. Specifically, this is observed in the bank’s analysis of Bitcoin futures.
The asset has declined more than 1.2% over the month, after ascending to an all-time high of $73,000 in March. Subsequently, the Bitcoin Halving Event is scheduled to take place this Friday, April 19th. Moreover, the industry as a whole is hopeful that its presence could reverse a present downtrend throughout April thus far.
Link: https://watcher.guru/news/jpmorgan-predicts-further-losses-after-bitcoin-halving?utm_source=pocket_saves
Source: https://watcher.guru
