Crypto analysts JPMorgan bearish on BTC price after the halving

The BTC price is likely to drop after the next Bitcoin halving because the market is still in an overbought state, according to JPMorgan. The giant investment bank’s analysts said open interest in BTC futures shows Bitcoin is overbought. According to these analysts, Bitcoin is trading above the corrected price of $45,000.

They added that the recent performance is a sign of declining investor interest and that the next Bitcoin halving has already been priced into the markets.

Currently, the BTC price is valued at $65,297.82 and has increased by 5.45% in the last 24 hours. This increase will take place hours before the next halving on April 19 or 20. Many crypto enthusiasts are wondering: What will Bitcoin do?

Bitcoin price forecast: Technical outlook is “worrying”

“The technical picture for Bitcoin is rather worrying, as we did not see a recovery after the falls on Friday and Saturday,” the bank’s analysts said. “On the contrary, the market seems to be getting used to the current prices in anticipation of a halving.”

JPMorgan’s analysis on BTC’s likely performance is similar to that of Goldman Sachs and Deutsche Bank. For example, Goldman has warned in the past about using previous halving cycles to predict Bitcoin performance. The macro conditions are different compared to previous halvings, when interest rates were extremely low.

As mentioned earlier, the Bitcoin price is at $65,297.82, which means it has fallen by 7.69% over the past week. Still, the price has risen 2.45% in the past 30 days.

Bitcoin’s technical indicators are currently giving a slightly bullish signal. For example, the Relative Strength Index (RSI) with a value of 60 indicates that more people are currently buying Bitcoin than selling.

The Moving Average Convergence Divergence (MACD) also gives a bullish signal. So, this could indicate that Bitcoin is recovering from its recent losses in the short term. However, explosive gains after the Bitcoin halving are unlikely given the bearish forecasts from JPMorgan and Goldmann Sachs.

JPMorgan CEO Calls Bitcoin a “Scam”

Meanwhile, JPMorgan CEO Jamie Dimon has renewed his attack on Bitcoin, calling it a “scam” and a “Ponzi scheme” in a recent interview with Bloomberg TV.

For example, he said: “If you mean crypto like Bitcoin, I’ve always said it’s a scam.”

JUST IN: JPMorgan CEO Jamie Dimon says #Bitcoin is a fraud and a ponzi scheme.

JPMorgan is an authorized participant for BlackRock’s Spot Bitcoin ETF. pic.twitter.com/4tpjkaZ0TV

— Watcher.Guru (@WatcherGuru) April 18, 2024

Dimon has also said that he is skeptical about BTC’s potential as a currency. He believes that there is a shortage of the right functions.

Nevertheless, Dimon recognized the value of smart contracts and blockchain technology. According to him, if a cryptocurrency can create something via smart contracts, then it has value.

Alternatives to Bitcoin

With Bitcoin price expectations relatively bearish ahead of the next Bitcoin halving, investors may be looking for promising alternatives.

99Bitcoins – Educational crypto platform

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The $99BTC token presale has recently been launched. Tokens are available here for just $0.00101 each. With rising cryptocurrency adoption and the upcoming Bitcoin hype, 99Bitcoins is the ideal platform. The token therefore has enormous potential to rise. Don’t miss this opportunity.

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The meme coin will be available on Solana, Ethereum, Base, BNB, Polygon, Avalanche and many more. Join this cross-chain community and let Dogeverse rise to the moon. Tokens are now available in presale for $0.000298. Please note that the price will increase in the successive presale phases. So be quick.

Mega Dice – Token of successful online casino

Mega Dice ($DICE) has just started the presale of its $DICE token. The successful online casino wants to use its own token and offers several benefits to players for paying with $DICE. This gives you access to exclusive games, bonuses and benefits.

In addition, investors can make money through staking. This staking pool is constantly replenished, so investors receive daily payouts based on the casino’s performance. Furthermore, tokenomics are deflationary, meaning the value will only increase over time. Don’t hesitate and buy $DICE for only $0.069 each.

Disclaimer: This article contains insights from independent authors and is not part of BitcoinMagazine.nl’s editorial content. This is not investment advice, please do your own research.