JPMorgan says Bitcoin will make a bullish comeback in August
Share link:In this post: JPMorgan predicts a bullish rebound for Bitcoin in August, despite recent intense corrections and market volatility. The bank adjusted its year-to-date crypto net flow estimate from $12 billion to $8 billion. Technical indicators show continued bearish pressure, with Bitcoin needing to break above the $60,000 resistance level for a bullish reversal.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the
JPMorgan has released a research report predicting that Bitcoin is set for a bullish rebound in August. Despite the intense correction, the banking giant sees light at the end of the tunnel.
One of the key points in JPMorgan’s report is that the wave of crypto liquidations that has plagued the market is expected to subside this month.
The bank has revised its year-to-date crypto net flow estimate from $12 billion down to $8 billion. This adjustment is based on recent trends and data, painting a more accurate picture of the current market conditions.
It admitted that its the prior estimate of $12 billion was overly optimistic given the circumstances, pointing out that Bitcoin’s price was way higher than its production cost and even the price of gold, making $12 billion unrealistic.
The $8 billion, however, reflects a more grounded approach to understanding Bitcoin’s market. At press time, BTC was worth $57,290, which is a huge decrease from its March all-time high of $73,737.
Bitcoin has seen an equal equal count of double top and double bottom patterns over the past month, meaning the bulls and the bears have an equal chance at taking over. But none has for now.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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