JP Morgan Explains Why Bitcoin Price May Not Fall Further
29 August 2023 - 12:00AM
NEWSBTC
The cryptocurrency market has been in a declining trend for years.
However, reports reveal a possible recovery and bullish turn for
popular cryptocurrencies in the space. JP Morgan has predicted a
possible price rebound for Bitcoin, saying that long-term
liquidations are “largely behind us.” JP Morgan Sees Upside For
Bitcoin Price JP Morgan, an American multinational financial
services firm published an interesting research report on Thursday,
August 24. Analysts led by Nikolaos Panigirtzoglou, Managing
Director at JP Morgan indicated that crypto markets are likely to
emerge from the declining trend from liquidations and market
turmoil and move into a correction phase completely. Related
Reading: Shiba Inu Whale Buys 708 Billion SHIB, Sparks Speculation
Of Price Recovery They believe that the crypto market has been able
to overcome a significant amount of negative factors that push the
market to a “limited downside.” Their predictions are also based on
the indications of a decline in open interest in Bitcoin futures
contracts on the Chicago Mercantile Exchange (CME), a global
derivatives marketplace. The crypto market has been on a
severe declining trend while Bitcoin’s progress has been muffled
after experiencing devastating market blows, and regulatory
hurdles. The stunning fall of Terra stablecoin was one of the major
challenges the industry faced, wiping over $200 billion worth of
cryptocurrency assets from the space. FTX’s collapse has also
pushed the evolution of cryptocurrencies back by a couple of years,
shattering investor’s confidence in the crypto space and hinting at
the lack of a better regulatory framework in the industry.
The United States Securities and Exchange Commission (SEC) has also
been in hot pursuit of new victims, throwing lawsuits against
prominent exchanges and crypto firms like Binance, and Coinbase.
All things considered, Bitcoin’s fight against evolutionary
pressures has yielded positive results. A crypto analyst provided
compelling insights on Bitcoin’s network, revealing that the spikes
in on-chain transfers seen in Bitcoin’s network activity are a
great indicator for a probable macro uptrend for the
cryptocurrency. #Bitcoin network activity,
particularly the USD value of coins transferred on-chain, is a
compelling indicator for predicting macro uptrends. Historically,
significant spikes in this metric have often preceded #BTC bull
runs. Given that this metric has been consolidating for…
pic.twitter.com/2zHNoBo6Yp — Ali (@ali_charts) August 26, 2023
Bitcoin Price On The Verge Of Recovery Following Positive
Developments In Crypto Space There have been a significant number
of positive developments that have pushed the price of major
cryptocurrencies, including Bitcoin upwards. Ripple’s victory
against the SEC is among said developments. The XRP ruling by Judge
Annalise Torres has brought new optimism in the space and has also
provided essential regulatory clarity for cryptocurrencies.
Additionally, the increase in applications for Bitcoin spot
exchange-traded funds (ETFs) has also boosted its price
considerably. World-leading financial services providers like
Blackrock, Ark Investment, Hashdex, Grayscale, and others are
already competing for a spot in Bitcoin ETF. Related Reading:
MasterCard Axes Partnership With Binance Amid Regulatory Pressures
There are also reports of a potential collaboration between Bitcoin
and Elon Musk’s SpaceX to enable cross-border payments for
space-linked activities. Overall, the crypto landscape is
showing signs of stability as it navigates through major industry
hurdles. Crypto investors are also eagerly anticipating the
potential recovery of Bitcoin and other cryptocurrencies. BTC
price retraces to $25,000 level | Source: BTCUSD on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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