Bitcoin (BTC) Price Peak Expectations May Be Overly Optimistic, JPMorgan Says

Bitcoin has likely already hit its peak in terms of valuation and trading volumes, a recent JPMorgan report claims.

Hopes for a brand new Bitcoin peak throughout the present post-halving cycle could also be overly optimistic.

In accordance with a latest JPMorgan report, Bitcoin has probably already reached its peak by way of valuation and buying and selling volumes. The cryptocurrency hit a excessive of $73,737 on March 14, following the profitable launch of a number of Bitcoin exchange-traded funds (ETFs).

Nonetheless, Bitcoin struggled to keep up its bullish momentum, with a number of failed makes an attempt to surpass the $73,000 mark. Final week, Bitcoin’s worth fell beneath $54,000, marking a 27% correction, the most important on this cycle.

The cryptocurrency has been lagging behind the U.S. equities market because of varied bearish components, together with Mt. Gox repayments and vital gross sales by the German authorities.

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Bitcoin Analyst Predicts Potential Rally by October Based on Historical Trends

JPMorgan additionally highlighted the disappointing efficiency of Bitcoin ETFs in June, which noticed outflows totaling $662 million.

Regardless of those challenges, some analysts stay optimistic. Fundstrat’s Tom Lee not too long ago reaffirmed his $150,000 worth prediction, and commodity dealer Peter Brandt believes this goal might be reached by 2025.

Moreover, there are indicators of potential restoration within the market. For instance, Bitcoin spot ETFs recorded spectacular inflows of $295 million on July 8, indicating rising demand.

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