If you’re still hoping for a new Bitcoin peak, JPMorgan has some bad news. Those expecting Bitcoin to reach new highs during this post-halving cycle might be disappointed.
A recent report by JPMorgan, a banking analyst, says that Bitcoin has already reached its highest value and trading volumes.
Bitcoin Struggles After Peaking at $73,737
The leading cryptocurrency, Bitcoin, reached its current peak of $73,737 on March 14, following the successful launch of various Bitcoin exchange-traded funds (ETFs). However, Bitcoin failed to maintain its upward momentum. Multiple attempts to reclaim the $73,000 mark were unsuccessful for the bulls.
Last week, Bitcoin’s price plunged below $54,000, marking the biggest correction of the current cycle at 27%. The cryptocurrency has been underperforming compared to the U.S. equities market due to several bearish factors, including Mt. Gox’s repayments and significant sales by the German government.
JPMorgan also noted the poor performance of Bitcoin ETFs in June, which saw $662 million in outflows.
Optimistic Analysts Predict Future Bitcoin Surge
Despite recent setbacks, some analysts believe the bullish cycle is far from over. Fundstrat’s Tom Lee recently reiterated his $150,000 price prediction, while commodity trader Peter Brandt is convinced that such a target is achievable for Bitcoin by 2025.
There are signs the market might be recovering despite the bearish headwinds. For instance, Bitcoin spot ETFs recorded impressive inflows of $295 million on July 8, indicating growing demand.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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