{"id":599196,"date":"2024-03-22T17:00:57","date_gmt":"2024-03-22T17:00:57","guid":{"rendered":"https:\/\/www.wncen.com\/?p=599196"},"modified":"2024-06-11T08:04:08","modified_gmt":"2024-06-11T08:04:08","slug":"bitcoin-troubles-far-from-over","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/bitcoin-troubles-far-from-over\/","title":{"rendered":"Bitcoin Troubles Far From Over As More Carnage Looms, JPMorgan Analysts"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Despite optimism about <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-bull-market-glassnode\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Bitcoin\u2019s future trajectory<\/span><\/a><span style=\"font-weight: 400\"> heading into the <\/span><a href=\"https:\/\/bitcoinist.com\/why-bitcoin-halving-could-bring-uncertainty-to-mining-industry\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Bitcoin Halving<\/span><\/a><span style=\"font-weight: 400\">, analysts at JPMorgan have raised concerns that things may not go according to everyone\u2019s expectations. They believe that a storm still lies ahead for the flagship crypto token before any massive move to the upside.\u00a0<\/span><\/p>\n<h2>Further Bitcoin Pullbacks Are To Be Expected<\/h2>\n<p><span style=\"font-weight: 400\">According to a Bloomberg <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-21\/bitcoin-on-track-for-worst-week-in-months-as-etf-demand-falters\" rel=\"nofollow\"><span style=\"font-weight: 400\">report<\/span><\/a><span style=\"font-weight: 400\">, JPMorgan strategists have warned that Bitcoin could still experience further pullbacks following its recent decline. They alluded to the <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-spot-etfs-hits-150-billion-trading-volume\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">recent net outflows<\/span><\/a><span style=\"font-weight: 400\"> recorded by the <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-etfs-record-2-2-billion-inflow-in-past-week\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Spot Bitcoin ETFs<\/span><\/a><span style=\"font-weight: 400\">, which underscored the current bearish sentiment in the Bitcoin ecosystem.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.wncen.com\/analysis\/xrp\/xrp-price-headed-for-27\/\">Crypto Analyst Says XRP Price Is Headed For $27 As 2017 Pattern Emerges<\/a><\/div>\n<p><span style=\"font-weight: 400\">These strategists, led by Nikolaos Nikolaos Panigirtzoglou, also highlighted the sustained open interest in CME Bitcoin futures as another bearish signal for Bitcoin\u2019s price. They further argue that Bitcoin \u201cstill looks overbought\u201d and expect further price dips leading up to the Halving event in mid-April.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, these JPMorgan analysts emphasized the decline in net inflows into Spot ETFs, noting that this proves that a sustained one-way net inflow is not possible. Therefore, they expect <\/span><a href=\"https:\/\/bitcoinist.com\/ftx-sheds-nearly-1-billion-in-grayscale-bitcoin-etf\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">investors in these funds<\/span><\/a><span style=\"font-weight: 400\"> to keep taking profits heading into the Bitcoin Halving. This wave of profit-taking is also more likely, considering that Bitcoin \u201cstill looks overbought despite the past week\u2019s correction.\u201d they claimed.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This recent research note by JPMorgan further reaffirms their bearish sentiment towards Bitcoin\u2019s price despite the flagship crypto exceeding expectations. Last month, the bank predicted that Bitcoin could drop to as low as $42,000 after April as \u201cBitcoin-halving-induced euphoria subsides.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">Naeem Aslam, chief investment officer at Zaye Capital Markets, also echoed JPMoragn\u2019s sentiments when he suggested that <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-breaks-through-69000-setting-new-record\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Bitcoin\u2019s recent rally<\/span><\/a><span style=\"font-weight: 400\"> didn\u2019t show enough strength. Aslam believes Bitcoin could fall below $50,000 if the Halving event \u201cfails to really keep the momentum going.\u201d<\/span><\/p>\n<h2>What Could Happen After The Halving Event<\/h2>\n<p><span style=\"font-weight: 400\">Crypto trader and analyst Rekt Capital <\/span><a href=\"https:\/\/x.com\/rektcapital\/status\/41163692?s=20\" rel=\"nofollow\"><span style=\"font-weight: 400\">recently provided<\/span><\/a><span style=\"font-weight: 400\"> insights into what could happen after the Havling event while elaborating on the four phases of Bitcoin Halving. According to him, there is usually a re-accumulation period after the Halving, which could last for up to five months.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.wncen.com\/shiba-inu\/shiba-inu-short-term-holders\/\">Shiba Inu Sees A Shift: Short Term Holders Take Possession Of 23 Trillion SHIB<\/a><\/div>\n<p><span style=\"font-weight: 400\">During this period, he noted that many investors get \u201cshaken out in this stage due to boredom, impatience, and disappointment with lack of major results in their <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-a-decades-long-investment-ceo-says-despite-recent-downturn\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">BTC investment<\/span><\/a><span style=\"font-weight: 400\"> in the immediate aftermath of the Halving.\u201d Rekt Capital added that this time could be different since it is the first time this <\/span><a href=\"https:\/\/www.wncen.com\/news\/bitcoin\/bitcoin-whales-buying-spree\/\"><span style=\"font-weight: 400\">re-accumulation<\/span><\/a><span style=\"font-weight: 400\"> could develop around the <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-breaks-through-69000-setting-new-record\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">new all-time high (ATH) area<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Therefore, he believes this \u201cRe-Accumulation Range may simply take the shape of a regular sideways range and may not last very long before additional uptrend continuation.\u201d<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/na77xZ76\/\" alt=\"Bitcoin price chart from Tradingview.com\" width=\"3286\" height=\"1530\"><\/p>\n<pre style=\"text-align: center\">BTC price struggles to establish support | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from Crypto News, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Despite optimism about Bitcoin\u2019s future trajectory heading into the Bitcoin Halving, analysts at JPMorgan have raised concerns that things may not go according to everyone\u2019s expectations. They believe that a storm still lies ahead for the flagship crypto token before any massive move to the upside.\u00a0 Further Bitcoin Pullbacks Are To Be Expected According to a Bloomberg report, JPMorgan strategists have warned that Bitcoin could still experience further pullbacks following its recent decline. They alluded to the recent net outflows recorded by the Spot Bitcoin ETFs, which underscored the current bearish sentiment in the Bitcoin ecosystem.\u00a0 Related Reading: Crypto Analyst Says XRP Price Is Headed For $27 As 2017 Pattern Emerges These strategists, led by Nikolaos Nikolaos Panigirtzoglou, also highlighted the sustained open interest in CME Bitcoin futures as another bearish signal for Bitcoin\u2019s price. They further argue that Bitcoin \u201cstill looks overbought\u201d and expect further price dips leading up to the Halving event in mid-April.\u00a0 Meanwhile, these JPMorgan analysts emphasized the decline in net inflows into Spot ETFs, noting that this proves that a sustained one-way net inflow is not possible. Therefore, they expect investors in these funds to keep taking profits heading into the Bitcoin Halving. This wave of profit-taking is also more likely, considering that Bitcoin \u201cstill looks overbought despite the past week\u2019s correction.\u201d they claimed.\u00a0 This recent research note by JPMorgan further reaffirms their bearish sentiment towards Bitcoin\u2019s price despite the flagship crypto exceeding expectations. Last month, the bank predicted that Bitcoin could drop to as low as $42,000 after April as \u201cBitcoin-halving-induced euphoria subsides.\u201d Naeem Aslam, chief investment officer at Zaye Capital Markets, also echoed JPMoragn\u2019s sentiments when he suggested that Bitcoin\u2019s recent rally didn\u2019t show enough strength. Aslam believes Bitcoin could fall below $50,000 if the Halving event \u201cfails to really keep the momentum going.\u201d What Could Happen After The Halving Event Crypto trader and analyst Rekt Capital recently provided insights into what could happen after the Havling event while elaborating on the four phases of Bitcoin Halving. According to him, there is usually a re-accumulation period after the Halving, which could last for up to five months.\u00a0 Related Reading: Shiba Inu Sees A Shift: Short Term Holders Take Possession Of 23 Trillion SHIB During this period, he noted that many investors get \u201cshaken out in this stage due to boredom, impatience, and disappointment with lack of major results in their BTC investment in the immediate aftermath of the Halving.\u201d Rekt Capital added that this time could be different since it is the first time this re-accumulation could develop around the new all-time high (ATH) area.\u00a0 Therefore, he believes this \u201cRe-Accumulation Range may simply take the shape of a regular sideways range and may not last very long before additional uptrend continuation.\u201d BTC price struggles to establish support | Source: BTCUSD on Tradingview.com Featured image from Crypto News, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":599212,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,1119,89185,1122,1144,78790,2628,89684],"class_list":["post-599196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-jpmorgan","tag-jpmorgan-news"],"acf":[],"yoast_head":"\n<title>Bitcoin Troubles Far From Over As More Carnage Looms, JPMorgan Analysts<\/title>\n<meta name=\"description\" content=\"Despite optimism about Bitcoin\u2019s future trajectory heading into the Bitcoin Halving, analysts at JPMorgan have raised concerns.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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