JPMorgan analysts, Bitcoin’s price rally before the halving has already happened. For the banking giant, BTC will reach a maximum of $54,000/58,000 before April 2024.
JPMorgan: The price rally before the Bitcoin halving has already happened
While investors wait a price rally ahead of the upcoming Bitcoin halving scheduled for April 2024for the banking giant JPMorgan, this rally has already happened.
In practice, analysts led by Nikolaos Panigirtzoglou they see that the current price trend of BTC between $50,000-52,000, already includes the impact of the pre-halving phase.
To the utmost, Bitcoin could reach a value between $54,000-58,000 before April 2024, moment of the long-awaited halving. To underline this theory is also Michael van de Poppe, CEO & Founder MN Trading Consultancy.
“The theory for #Bitcoin remains the same. I expect to see a top between $54,000-$58,000 before the open. Altcoins will basically run and then there will be a hard correction.”
This is a Bitcoin price prediction that extinguishes various hopes, based instead on the current trend, col BTC rally that seems to be fading.
In fact, in the last week, BTC is trying to stay above $51,000. If this trend persists, it would mark the first negative week for Bitcoin since the start of its recent rally in late January.
JPMorgan and Bitcoin price predictions ahead of the April 2024 halving
Actually, in the last month, BTC has recorded a price pump of +28%. At the time of writing, in fact, Bitcoin vale 51.506$.
Analysts at JPMorgan verified that the flow of Bitcoin from smaller wallets, often associated with retail traders, significantly exceeded that of institutional investors.
The Panigirtzoglou team verified that all this happened also considering the inflows of the new spot Bitcoin ETFs traded on the stock exchange.
In this regard, JPMorgan strategists have predicted for the three main crucial events in the crypto space, as follows:
“The pickup in retail momentum in February perhaps reflects the anticipation of three major cryptocurrency catalysts in the coming months: the Bitcoin halving event, the next major Ethereum network upgrade, and the prospect of spot ETF approval on Ethereum by the Securities and Exchange Commission in May. We believe that the first two catalysts are already widely priced, while for the third catalyst we only see a 50% chance.”
Tether as a risk for the crypto market
Recently, JPMorgan analysts also commented on the matter Tetherstating that The expansion of USDT’s market share among stablecoins would be a risk for the crypto market.
This risk is to be understood “in perspective”, given that the current success of Tether (USDT) in the last two years has made it the leader of the stablecoin market but faced with a lack of regulatory compliance and transparency.
According to JPMorgan, stablecoin issuers that are more aligned with existing regulations are likely to benefit from an impending regulatory crackdown on stablecoins by gaining market share.
The hypothesis is that Stablecoins may soon be subject to more regulation. Not only that, JPMorgan’s reference is on USDC, behind which there is indirectly Coinbase, and PYUSD, behind which there is PayPal.
Source: https://cryptonomist.ch/2024/02/26/jpmorgan-rally-bitcoin-halving/
