spot_imgspot_imgspot_img

JPMorgan’s Thoughts on the Sharp Decline in Bitcoin Price?

  • The cryptocurrency market has been in a downward trend for years. However, reports suggest a possible recovery and bull turnaround in popular cryptocurrencies in the field.
  • Analysts at JP Morgan stated that there is a high probability of the crypto markets transitioning from the downward trend caused by liquidations and market turbulence to a complete correction phase.
  • World-leading financial service providers such as Blackrock, Ark Investment, Hashdex, and Grayscale are already competing to secure a place for Bitcoin ETFs.

Could the price of Bitcoin be on the verge of recovery? JP Morgan’s latest report shares predictions about the cryptocurrency market.

JPMorgan’s Report on Bitcoin

jpmorgan

The cryptocurrency market has been in a downward trend for years. However, reports suggest a possible recovery and bull turnaround in popular cryptocurrencies in the field. JP Morgan predicts a potential price recovery for Bitcoin and states that long-term liquidations are “largely behind us.”

Analysts at JP Morgan, led by chief analyst Nikolaos Panigirtzoglou, stated that there is a high probability of the crypto markets transitioning from the downward trend caused by liquidations and market turbulence to a complete correction phase.

According to them, the crypto market has managed to overcome significant negative factors that have been pushing the market “limited downwards.” Their predictions are also based on indicators of a decrease in open positions in Bitcoin futures contracts, which are traded on the Chicago Mercantile Exchange (CME), a global derivatives market.

The crypto market showed a significant downward trend after Bitcoin’s progress, disruptive market shocks, and regulatory obstacles. The sharp decline of Terra stablecoin was one of the major challenges the sector faced, leading to the erasure of over $200 billion from the crypto asset space.

The collapse of FTX set back the evolution of cryptocurrencies by several years, shaking investors’ confidence in the crypto space and indicating a lack of better regulatory framework in the sector.

The U.S. Securities and Exchange Commission (SEC) pursued new victims by filing lawsuits against leading exchanges and crypto firms such as Binance and Coinbase.

All in all, Bitcoin’s struggle against evolutionary pressures has yielded positive results. A crypto analyst revealed that the increase in on-chain transfers observed in Bitcoin network activity is a great indicator for a possible macro uptrend in the cryptocurrency.

Bitcoin Price on the Verge of Recovery After Positive Developments in the Crypto Space

The prices of major cryptocurrencies, including Bitcoin, have been pushed upwards due to significant developments in the crypto space. Ripple’s victory against the SEC is one of these developments. The XRP ruling given by Judge Annalise Torres brought new optimism to the field and provided fundamental regulatory clarity for cryptocurrencies.

In addition, the increasing number of applications for spot Bitcoin exchange-traded funds (ETFs) has significantly boosted the price of Bitcoin. World-leading financial service providers such as Blackrock, Ark Investment, Hashdex, and Grayscale are already competing to secure a place for Bitcoin ETFs.

There are also rumors of a possible collaboration between Bitcoin and Elon Musk’s SpaceX to enable cross-border payments for space-related activities.

Overall, the crypto market is showing signs of stability as it overcomes major industry barriers. Crypto investors are eagerly awaiting the potential recovery of Bitcoin and other cryptocurrencies.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news

spot_imgspot_imgspot_imgspot_img

Latest News

Merlin Chain’s Mainnet Success: Over $1.97 Billion TVL and Strong Bitcoin Ordinals Ecosystem Involvement

Merlin Chain emerges as a formidable player in the Bitcoin second-layer ecosystem, boasting over $1.97 billion in TVL shortly after its mainnet launch, signaling strong market confidence and adoption.

Block’s Bitcoin Strategy Yields $207M in Gains, Spurs 90% Profit Surge

Block, Inc. reports a spectacular $207 million gain from its Bitcoin investments last quarter, reflecting a 90% increase in Bitcoin gross profit and propelling its stock to soar in after-hours trading.

Kraken Challenges SEC: A Standoff Over Crypto Regulation and Political Free Speech

Kraken's legal battle with the SEC highlights the ongoing tension between crypto exchanges and regulatory authorities, underscoring critical questions about the future of digital assets in the United States.

Starknet STRK Token Price Soars as StarkWare Adjusts Unlock Schedule Amid Community Feedback

Following StarkWare's response to community backlash by revising the STRK token unlock schedule, Starknet sees a price surge, highlighting the impact of tokenomics on crypto valuations.

Reddit Announces IPO with a Crypto Twist: Bitcoin, Ethereum, and MATIC Holdings Revealed

In a significant move towards becoming a publicly traded company, Reddit reveals its cryptocurrency holdings, including Bitcoin and Ethereum, in its latest SEC filing, marking a notable fusion of social media and blockchain technology.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Ethereum Breaks $3K as Rally Continues: What’s Next for ETH?

This article dives into Ethereum's recent surge past $3,000, analyzing the technical indicators and market dynamics driving its ascent and future prospects.

Will Bitcoin Rise To $50,000? Current BTC Analysis

Bitcoin is trading at $48,400 and may rise to $50,777 if it closes above $48,200. However, caution is advised in the range of $50,777 - $52,000. Corrections are common in the crypto market, so careful consideration is necessary before spot investments.

Where is the Solana Rise Target? Current SOL Analysis!

Solana is trading near the $108 resistance on the 8-hour chart, with a potential target of $111.84 if it surpasses this level. However, caution is advised in the $111.84 - $117.20 resistance range on the 6-hour timeframe.

Medium Term Ethereum Technical Analysis! What Awaits Its Investors?

When examining the medium-term technical chart of Ethereum, strong buying pressure is observed, pushing the price up from the $2139 support to the $2350 region. However, for the price to sustain its upward movement, it needs to surpass the $2407 resistance.

Can Bitcoin Fall To $35,000 Levels? Current BTC Analysis

When examining Bitcoin's 5-day technical chart, the analysis from January 18 is ongoing, indicating a continued downward movement from the $48,189 level. Bitcoin needs to close 5-day candles above the $44,200 resistance to gain momentum for an upward trend. 
Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
spot_imgspot_imgspot_imgspot_img

Merlin Chain’s Mainnet Success: Over $1.97 Billion TVL and Strong Bitcoin Ordinals Ecosystem Involvement

Merlin Chain emerges as a formidable player in the Bitcoin second-layer ecosystem, boasting over $1.97 billion in TVL shortly after its mainnet launch, signaling strong market confidence and adoption.

Block’s Bitcoin Strategy Yields $207M in Gains, Spurs 90% Profit Surge

Block, Inc. reports a spectacular $207 million gain from its Bitcoin investments last quarter, reflecting a 90% increase in Bitcoin gross profit and propelling its stock to soar in after-hours trading.

Kraken Challenges SEC: A Standoff Over Crypto Regulation and Political Free Speech

Kraken's legal battle with the SEC highlights the ongoing tension between crypto exchanges and regulatory authorities, underscoring critical questions about the future of digital assets in the United States.