Investment Banking Giant JPMorgan Recently, it was reported that Bitcoin will experience a huge rebound in August. The bank has also stated that the ongoing liquidations in the market will continue through to the end of the month.
In an updated forecast, the bank also reduced its estimate of net flows for year to date. The firm has forecast $8 million of flows, compared to the previous prediction of $12 billion. In the past few weeks, there has been increased pressure on the market to sell. Particularly from the continued selling by the German government.
You may also like: US Bitcoin Miners Hit Record $22.8B Market Cap, Says JPMorgan
JPMorgan is expecting a crypto-bounce back in August
JPMorgan published a research note this week in which it predicted that both Bitcoin and crypto markets as a group would bounce back by August. Analysts at the bank discussed whether liquidations would cease by July. The analysts also gave an insight to the changing net flow forecast.
“The reduction in the estimated net flow largely driven by the decline in Bitcoin reserves across exchanges over the past month,” Nikolaos Panigirtzoglous, a JPMorgan employee said. Bank officials said the bank was skeptical about the 12-billion-dollar mark. The price of BTC relative to gold and production costs is the most likely reason.
You may also like: Bitcoin ETF Figures Overstated, May Face Correction: JPMorgan
Market participants have been concerned about the ongoing German government sale of BTC. The seizure by the German government of over $2 billion worth of the most popular cryptocurrency led to massive selling in recent weeks. Price of asset has increased as a result.
Assets are currently valued at $58,775 – a long way from their all-time peak of $73,000 in March. Moreover, it has dropped more than 12% in the last thirty days. CoinMarketCap. It is still reversing a little despite positive US inflation figures revealed today.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru