Analysts at asset management company JPMorgan have published a new report on the future of Bitcoin prices. Here are the details.

JPMorgan has issued a warning that Bitcoin (BTC) could face further declines. This warning comes after a recent correction.

In a note published today, a team of analysts led by Nikolaos Panigirtzoglou noted that Bitcoin remains in “overbought territory.”

According to the report, this conclusion is based on two key metrics: JPMorgan’s futures position proxies and the difference in Bitcoin futures prices compared to spot prices. Both indicators show that Bitcoin is still overbought.

The market is optimistic that Bitcoin price will increase by the end of this year. This optimism is driven by expectations that demand will continue through spot ETFs, in addition to a decrease in Bitcoin supply following the halving.

“In fact, as we get closer to the halving, it is likely that profit-taking will continue, especially given that positions still look overbought regardless,” the analysts said. correction last week”.

Last week, JPMorgan analysts predicted that Bitcoin price would drop to around $42,000 after the halving event.