Bitcoin’s Peak May Be Over, Says JPMorgan Report
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Expectations for a new Bitcoin peak during the current post-halving cycle may be overly optimistic.
According to a recent JPMorgan report, Bitcoin has likely already hit its peak in terms of valuation and trading volumes. The cryptocurrency reached a high of $73,737 on March 14, following the successful launch of several Bitcoin exchange-traded funds (ETFs).
However, Bitcoin struggled to maintain its bullish momentum, with multiple failed attempts to surpass the $73,000 mark. Last week, Bitcoin’s price fell below $54,000, marking a 27% correction, the largest in this cycle.
The cryptocurrency has been lagging behind the U.S. equities market due to various bearish factors, including Mt. Gox repayments and significant sales by the German government.
JPMorgan also highlighted the disappointing performance of Bitcoin ETFs in June, which saw outflows totaling $662 million.
Despite these challenges, some analysts remain optimistic. Fundstrat’s Tom Lee recently reaffirmed his $150,000 price prediction, and commodity trader Peter Brandt believes this target could be reached by 2025.
Additionally, there are signs of potential recovery in the market. For example, Bitcoin spot ETFs recorded impressive inflows of $295 million on July 8, indicating growing demand.
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