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Home»ADOPTION NEWS»JP Morgan said that despite the recent correction, Bitcoin is still in ‘overbought territory.’
ADOPTION NEWS

JP Morgan said that despite the recent correction, Bitcoin is still in ‘overbought territory.’

By Crypto FlexsMarch 21, 20243 Mins Read
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JP Morgan said that despite the recent correction, Bitcoin is still in ‘overbought territory.’
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Posted 5 minutes ago In ~

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Cryptocurrencies have rebounded this week after a sharp correction last week, but are still in “overbought territory,” according to JP Morgan analysts, suggesting that the largest cryptocurrency by market capitalization could fall further.

JPMorgan analysts led by Nikolaos Panigirtzoglou wrote on Thursday that two indicators – JPMorgan’s futures position proxy and Bitcoin futures price premium – suggest that Bitcoin remains overbought.

According to the analyst, these metrics indicate that only a small amount of positions have been liquidated so far. “Both indicators indicate that Bitcoin is still in overbought territory despite last week’s sharp correction,” they said.

‘Profit taking is likely to continue’

There is considerable optimism in the market that Bitcoin prices will rise by the end of the year due to expectations of continued demand through spot ETFs despite the decline in Bitcoin supply following the halving. However, according to JPMorgan analysts, recent data shows that net inflows into spot Bitcoin ETFs have slowed, challenging the belief that there is a continued one-sided flow of funds into spot ETFs.

“Indeed, as the halving event approaches, this profit-taking is more likely to continue, especially against the backdrop of positioning, which still appears overbought despite last week’s correction,” the analysts concluded.

Last week, analysts predicted that the price of Bitcoin would fall to around $42,000 after the halving, citing lower miner rewards and higher production costs.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Yogita Khatri is a senior reporter at The Block, covering all things cryptocurrency. As one of the original team members, Yogita has been instrumental in breaking countless stories, exclusive articles, and scoops. With nearly 3,000 articles, Yogita holds the record as The Block’s most published and most read writer of all time. Before joining The Block, Yogita worked at cryptocurrency publications CoinDesk and The Economic Times, where she wrote about personal finance. To contact her, please send her email: (email protected) To see her latest works, follow her on X @Yogita_Khatri5.
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