Pullbacks on the Horizon
JPMorgan analysts warn that Bitcoin may experience further declines despite the recent optimism surrounding the upcoming Halving event. They cite decreasing inflows into Bitcoin ETFs and high open interest in futures as bearish signals.
Profit-Taking and Overbought Conditions
The analysts also note that Bitcoin is still considered overbought, suggesting that profit-taking is likely to continue. They believe this is supported by the recent decline in net inflows into Spot ETFs.
Post-Halving Outlook
Crypto analyst Rekt Capital suggests that a re-accumulation period typically follows the Halving. However, he believes this time may be different due to the proximity of the new all-time high. He predicts a sideways range before the uptrend resumes.
Bearish Sentiment Persists
Despite Bitcoin’s recent rally, JPMorgan remains bearish on its price. They predict a drop to $42,000 after April, citing the fading of Halving-induced euphoria. Other analysts, such as Naeem Aslam, also share this view, suggesting that Bitcoin could fall below $50,000 if the Halving fails to sustain momentum.
