JPMorgan Warns Bitcoin Still Overvalued Despite Recent Decline
JPMorgan’s latest analysis reveals that Bitcoin remains overbought, despite its recent price drop. The bank predicts continued selling pressure as the halving event nears, citing overoptimistic positioning. Metrics like futures positions and bitcoin futures’ premium over spot prices support this view. The report also highlights a decrease in spot Bitcoin ETF inflows, challenging earlier predictions of a year-end rally. The analysis comes amid CEO Jamie Dimon’s ongoing skepticism about Bitcoin, contrasting with the market’s previous high expectations for post-halving gains. (Bitcoin.com)
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