JPMorgan Thinks Bitcoin's Price Will Rebound in August

JPMorgan, a well-known investment platform, has recently predicted a crucial rebound in the price of Bitcoin. As per the platform, the chief crypto asset will reportedly

Banking giant JPMorgan has predicted a crucial price rebound for Bitcoin in August. The apex crypto asset will reportedly go through a price rebound in August this year following the current liquidations.

The banking company also revised the year-to-date estimation of the flow thereof. In this respect, it has decreased the respective assessment from a former prediction of up to $12B to only $8M.

JPMorgan Thinks Bitcoin’s Price Will Rebound in August

During some of the recent weeks, the crypto market has witnessed huge selling pressure. The primary cause of this pressure potentially takes into account the BTC offloading by German authorities.

Hence, the German government seized above $2B worth of BTC. As a result of these seized tokens’ sale, a downward force impacted Bitcoin’s price. This reportedly contributed to the recent decline of the top crypto asset.

JPMorgan issued a comprehensive research report covering this topic. The analysts pointed toward the potential for a significant market-wide bounce back that will likely occur in August. In addition to this, they also elaborated that the liquidation cessation by this month’s end could lead to a recovery.

JPMorgan’s analysts such as Nikolaos Panigirtzoglou offered insights into the reviewed net flow anticipation.

Trending Now: Bitcoin ETF Issuers Spend Another $147 Million to Buy BTC

The analyst mentioned that the former $12B net flow assessment had become very unlikely because of many factors. They include the price of BTC relative to the production cost as well as the price of the other assets like gold. The present BTC sale by the government in Germany has additionally added to the current state of the market.

This heavy liquidation has put enormous pressure on the price of the asset.

Despite the Continuous Price Decline, Bitcoin Shows Signals for a Price Reversal

Now, Bitcoin is reportedly changing hands at $58,775, indicating an immense dip from the all-time high level of $73,000. Bitcoin reached the respective figure back in this year’s March.

During the previous thirty days, a decline of above twelve percent has taken place in the crypto asset’s price. Nonetheless, some signals are present concerning a minor price reversal.

The above is the detailed content of JPMorgan Thinks Bitcoin's Price Will Rebound in August. For more information, please follow other related articles on the PHP Chinese website!