JPMorgan: Bitcoin Could Fall to $42,000 After Halving
Bitcoin (BTC) remains in overbought territory, according to a report from investment bank JP Morgan. The cryptocurrency has been suffering losses since the beginning of the week. On Thursday, the Bitcoin position improved slightly, but on Friday, BTC had fallen to $64,808. JPMorgan analysts predict that the pressure will intensify in the coming days. They do not rule out that Bitcoin will fall below $50,000 if sellers become more active. The pressure will not diminish after the halving, it will only increase. As a result, the digital currency could 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.
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