LIVEJPMorgan Warns of Further Bitcoin Decline Despite Recent Correction
Bitcoin has experienced a pullback of over 10% from its all-time high, with the demand for spot Bitcoin exchange-traded funds (ETFs) showing signs of moderation, while analysts at JPMorgan Chase and Co. have cautioned that this retreat may have more room to run, Bloomberg reported Friday.
The group of 10 spot Bitcoin ETFs recently witnessed its largest four-day outflow since the products were introduced on January 11.
Meanwhile, the world’s largest cryptocurrency is on track for one of its worst weeks this year, suffering a 4% retreat.
At the time of writing, BTC was trading at around $65,400.
Bitcoin is Still Overbought
JPMorgan strategists have reiterated their belief that Bitcoin still appears overbought, renewing a prediction made in February that further declines could occur leading up to the highly-anticipated halving event in April.
This event will reduce the supply of newly minted BTC from miners.
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