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JPMorgan Analysts Say Bitcoin is Still in Overbought Territory

JPMorgan analysts shared their thoughts on the current state of Bitcoin.

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Jpmorgan Analysts Say Bitcoin Is Still In Overbought Territory

Crypto News – Prior to this week’s recovery, Bitcoin had a severe decline last week. The biggest cryptocurrency by market capitalization, however, may possibly decline further because it is still in “overbought territory,” according to JPMorgan expert.

JPMorgan Analysts Say Bitcoin is Still in Overbought Territory

Two indicators, JPMorgan’s futures position proxies and the bitcoin futures price premium over the spot, indicate that bitcoin is still overbought, according to a note written on Thursday by JPMorgan analysts led by Nikolaos Panigirtzoglou. As per the analysts, these data show that there has been minimal unwinding of positions thus far.

Both metrics indicate that bitcoin remains in overbought territory despite the sharp correction over the past week,

the analysts

Bitcoin Price Expected to Increase by the End of the Year

Despite a decrease in the quantity of bitcoin following the halving event, there is a great deal of market confidence over higher prices for bitcoin by year’s end, driven by forecasts of continued demand through spot ETFs. The JPMorgan analysts argue that recent data challenges the notion of a constant one-way flow of capital into spot ETFs by demonstrating a decrease in net inflows into bitcoin ETFs.

In fact, as we approach the halving event, this profit-taking is more likely to continue, particularly against a positioning backdrop that still looks overbought despite the past week’s correction,

the analysts
Jpmorgan Analysts Say Bitcoin Is Still In Overbought Territory 171384
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lectertodd

Lectertodd is 27 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

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