JPMorgan Chase (JPM) said in a research report that Bitcoin prices may weaken after the reward halving. Based on an analysis of open interest in Bitcoin futures, the bank believes that the world's largest cryptocurrency will see a downward trend after the halving because the market is still overbought. In addition, the price of the cryptocurrency is about $61,200, which is still higher than the volatility-adjusted gold price set by the bank, which is $45,000, and the expected production cost of $42,000 after the halving. Historically, the cost of Bitcoin production has always been a lower limit for Bitcoin prices.