Blockchain enthusiasts, please take note! Investment bank JPMorgan recently released a report on Bitcoin that has attracted widespread attention.
The report shows that Bitcoin is still in the overbought zone. Since the beginning of this week, the cryptocurrency market has been suffering losses. Although Bitcoin's position improved slightly on Thursday, by Friday, BTC had fallen to $64,808.
Analysts at JPMorgan predict that the pressure on Bitcoin will continue to intensify in the coming days. They even believe that if sellers become more active, Bitcoin may fall below $50,000. Moreover, the pressure after the halving will not weaken, but will increase, and the digital currency may fall to $42,000.
Nikolaos Panigirtzoglou, head of research at JPMorgan, said that futures prices are still higher than spot prices, which suggests that the asset is overbought.
While market pressure cannot be underestimated, we remain optimistic about Bitcoin. Let us pay attention to the global regulatory dynamics, industry trends and cryptocurrency news of blockchain, and witness the future direction of Bitcoin together!
