ChainCatcher news, according to The Block, JPMorgan analysts said that any rebound in cryptocurrency prices may be tactical (temporary and strategic) rather than the beginning of a lasting upward trend. They pointed out that Bitcoin's current price of about $67,500 is higher than its production cost of about $43,000 and the volatility-adjusted gold price of about $53,000.

The divergence between Bitcoin’s price and JPMorgan’s volatility-adjusted gold price “suggests mean reversion to around the zero line, limiting the long-term upside potential for Bitcoin prices,” JPMorgan analysts wrote in a note Thursday.

Analysts reiterated that cryptocurrencies are expected to rebound starting in August as liquidations decrease after July. They pointed out that Bitcoin futures have recently been weak due to the liquidations of Gemini and Mt. Gox creditors and the sale of seized Bitcoin by the German government. Analysts said these liquidations are likely to subside after July and expect Bitcoin futures to rebound starting in August, in line with the recent rise in gold futures.

"We believe momentum traders such as commodity trading advisors played a major role in the move in gold futures. Gold's momentum signal surged in July to overbought territory last April," the analysts said.

Gold is expected to benefit from the potential re-election of Donald Trump, according to analysts at JPMorgan. Some investors see Trump as more favorable to cryptocurrency companies and regulation than the current Biden administration, the analysts said. They added that Trump's potential trade policies could lead to more diversified investments in gold by emerging market central banks, especially the Chinese central bank.