Despite the optimism about bitcoin-bull-market-glassnode/” rel=”nofollow”>bitcoin's future trajectory heading to bitcoin-halving-could-bring-uncertainty-to-mining-industry/” rel=”nofollow”>bitcoin Halving, JPMorgan analysts have expressed concern that things may not go according to everyone's expectations. They believe there is still a storm brewing for the flagship crypto token before any massive move higher.
More bitcoin pullbacks expected
According to a Bloomberg bitcoin-on-track-for-worst-week-in-months-as-etf-demand-falters” rel=”nofollow”>report, JPMorgan strategists warned that bitcoin could still see further pullbacks following its recent decline. They alluded to the bitcoin-spot-etfs-hits-150-billion-trading-volume/” rel=”nofollow”>recent net outflows registered by the bitcoin-etfs-record-2-2-billion-inflow-in-past-week/” rel=”nofollow”>bitcoin Spot ETFwhich underlined the current bearish sentiment in the bitcoin ecosystem.
These strategists, led by Nikolaos Nikolaos Panigirtzoglou, also highlighted the sustained open interest in CME bitcoin futures as another bearish signal for bitcoin price. Furthermore, they argue that bitcoin “still appears overbought” and expect further price declines before the Halving event in mid-April.
Meanwhile, these JPMorgan analysts emphasized the decline in net inflows into spot ETFs, noting that this shows that a sustained one-way net inflow is not possible. Therefore they wait bitcoin-etf/” rel=”nofollow”>investors in these funds to continue making profits ahead of the bitcoin halving. This wave of profit-taking is also more likely, considering that bitcoin “still appears overbought despite last week's correction.” they stated.
This recent research note from JPMorgan further reaffirms its bearish sentiment towards the price of bitcoin despite the flagship cryptocurrency outperforming expectations. Last month, the bank predicted that bitcoin could fall to as low as $42,000 after April as “bitcoin's halving-induced euphoria subsides.”
Naeem Aslam, chief investment officer at Zaye Capital Markets, also echoed JPMoragn's sentiments when he suggested that bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>bitcoin's recent rally He didn't show enough strength. Aslam believes bitcoin could fall below $50,000 if the halving event “fails to really maintain the momentum.”
What could happen after the halving event?
Rekt Capital Cryptocurrency Trader and Analyst recently provided information on what could happen after the Havling event while explaining the four phases of bitcoin Halving. According to him, after the Halving there is usually a reaccumulation period that could last up to five months.
During this period, he noted that many investors feel “shaken at this stage due to boredom, impatience and disappointment due to the lack of significant results in their businesses.” bitcoin-a-decades-long-investment-ceo-says-despite-recent-downturn/” rel=”nofollow”>btc investment immediately after the halving.” Rekt Capital added that this time could be different as it is the first time this reaccumulation could develop around bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>new all-time high area (ATH).
Therefore, he believes that this “reaccumulation range may simply take the form of a regular sideways range and may not last long before a further uptrend continues.”
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin39s-woes-are-far-from-over-as-more-carnage-looms" alt="Tradingview.com bitcoin Price Chart” width=”3286″ height=”1530″ loading=”lazy”/>
btc price struggles to establish support | Source: BTCUSD on Tradingview.com
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