JPMorgan Chase (JPM) said in a research note that bitcoin prices could weaken after the reward halving. Based on an analysis of unpositioned squaring contracts for bitcoin futures, the bank sees a downtrend for the world's largest cryptocurrency after the halving as the market remains overbought.
In addition, the price of the cryptocurrency is around $61,200, which is still higher than the volatility-adjusted gold price set by banks (i.e. $45,000), and the expected production cost of $42,000 after the halving. Historically, Bitcoin production costs have been the lower bound of the Bitcoin price.
JP Morgan: Bitcoin Could Fall After Halving
2024-04-18 08:45:02
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