JPMorgan Analysts Believe Bitcoin Halving Rally Has Already Occurred
If you are expecting a price rally before the upcoming Bitcoin halving in April 2024, JPMorgan analysts have a different perspective. According to them, the rally has already taken place. The current price trend of BTC between $50,000-52,000 is seen as already factoring in the pre-halving impact. There is a possibility that Bitcoin could reach a value between $54,000-58,000 before April 2024, marking the long-awaited halving event. This theory is supported by MichaΓ«l van de Poppe, CEO & Founder MN Trading Consultancy.
- JPMorgan analysts believe the price rally before Bitcoin’s halving has already happened.
- The current price trend of BTC between $50,000-52,000 is seen as factoring in the pre-halving impact.
- Bitcoin could reach a value between $54,000-58,000 before April 2024 according to JPMorgan analysts.
JPMorgan’s Prediction for Bitcoin Price and Halving in April 2024
In the last month, BTC has experienced a price surge of +28%, currently valued at $51,506. JPMorgan analysts have observed a significant flow of Bitcoin from smaller wallets associated with retail traders compared to institutional investors. They have also taken into account the inflows of new ETFs on Bitcoin spot traded on the stock exchange. JPMorgan strategists have made predictions regarding three major events in the crypto space:
- The recovery of momentum in retail traders anticipating three main cryptocurrency catalysts.
- The anticipation of Bitcoin halving event, Ethereum network upgrade, and approval of spot ETFs on Ethereum by SEC.
- JPMorgan believes that the first two catalysts are largely priced in while the third has a 50% chance of approval.
Tether Poses Risk for Crypto Market According to JPMorgan Analysts
JPMorgan analysts have expressed concerns about Tether and its expanding market share among stablecoins posing a risk to the crypto market. Despite being the leader in stablecoin market share over the past two years, Tether lacks regulatory compliance and transparency which could be problematic. JPMorgan suggests that stablecoin issuers complying with regulations will likely benefit from increased regulatory oversight on stablecoins and gain market share as a result. The potential for greater regulation on stablecoins could impact Tether and benefit other stablecoins like USDC backed by Coinbase and PYUSD backed by PayPal.
Hot Take: JPMorgan’s Analysis Sheds Light on Bitcoin’s Future
As you navigate through the dynamic world of cryptocurrency, it’s essential to consider diverse perspectives like JPMorgan’s analysis on Bitcoin’s price rally before the halving event. While some anticipate a surge in prices leading up to April 2024, JPMorgan believes that the rally has already occurred. This insight offers valuable information for your crypto investment decisions moving forward. Additionally, their observations on Tether highlight potential risks within the market and underscore the importance of regulatory compliance in stabilizing cryptocurrencies’ future.
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