JPMorgan Warns For Bitcoin: Despite the Decline, It's Still Extremism _! - Coin Newsletter

Analysts at banking giant JPMorgan expect further declines in Bitcoin (BTC).

JPMorgan analysts, led by Nikolaos Panigirtzoglou, made statements that will worry Bitcoin investors in a note shared on Thursday, March 21.

Despite the correction as of last Friday, Bitcoin is still in the "overbought zone", analysts said, reminding that risk appetite is high.

While implying that the market needs to cool down before it hits higher levels, it was stated that corrections may continue:

Indicators show that Bitcoin remains in overbought territory despite last week's sharp correction. What has happened so far has been a small easing, and more declines are coming.

They expect a decline after the Bitcoin halving

In addition to their short-term bearish expectations, JPMorgan analysts also predicted a deeper decline after the Bitcoin halving. After the halving, which is expected to take place in mid-April, the price may fall to the level of 42 thousand dollars.

Analysts cited the thesis that the flow of funds to spot Bitcoin ETFs will gradually slow down in the coming period as the reason for this decline. It was noted that the spot Bitcoin ETF wave and halving wave could eventually result in profit selling, which could bring the price down to $42,000.