JP Morgan's crypto experts issued an important warning in their latest report, emphasizing that Bitcoin's (BTC) current recovery may be temporary.

A team led by JP Morgan's managing director, Nikolaos Panigirtzoglou, stated in their analysis that the current recovery of Bitcoin (BTC) is not sustainable. The report stated that this situation was described as a temporary improvement. This comment was interpreted among social media users to mean that Bitcoin could fall in the coming months and even revise historical highs, but in reality the situation is more complicated.

In this evaluation about the recovery process, it was emphasized that Bitcoin (BTC) may exhibit a more positive performance in August than in July. The current price of approximately $63,997 is stated to be high compared to the cost of production (currently around $43,000) and is also high compared to gold.

“This is due to the fact that Bitcoin is currently priced high not only by its cost of production but also by the volatility-adjusted benchmark of gold around $53,000.”

JP Morgan's report also points out several factors that could pose potential obstacles to the Bitcoin bull market. The bank has revised its net flow forecast from $12 billion to just $8 billion since the beginning of this year.

A decrease in liquidations after July could lead to a recovery in Bitcoin futures as of August. This is also consistent with recent increases in gold futures.

Another point that draws attention in the report of JP Morgan's analysts is that they believe that Bitcoin (BTC) may experience a new rise if Donald Trump is re-elected as president in 2024. Trump's tendency to promote anti-dollar policies and possibly Bitcoin-based policies supports this expectation.

Finally, in the cryptocurrency world, another notable project besides Solana stands out as Minotaurus (MTAUR). This new cryptocurrency has a rapidly growing community and development potential by offering in-game usage and various incentives.

Alexandra Nguyen
Alexandra Nguyen, 31, has a bachelor's degree in Digital Finance and lives in Los Angeles. Nguyen, who follows global financial markets closely, has a passion for reading various literary works in his spare time.

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