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JPMorgan Warns of Further Bitcoin Decline Despite Recent Correction
Bitcoin has experienced a pullback of over 10% from its all-time high, with the demand for spot Bitcoin exchange-traded funds (ETFs) showing signs of moderation, while analysts at JPMorgan Chase and Co. have cautioned that this retreat may have more room to run, Bloomberg reported Friday.
The group of 10 spot Bitcoin ETFs recently witnessed its largest four-day outflow since the products were introduced on January 11.
Meanwhile, the world’s largest cryptocurrency is on track for one of its worst weeks this year, suffering a 4% retreat. At the time of writing, BTC was trading at around $65,400. Bitcoin is Still Overbought
JPMorgan strategists have reiterated their belief that Bitcoin still appears overbought, renewing a prediction made in February that further declines could occur leading up to the highly-anticipated halving event in April. This event will reduce the supply of newly minted BTC from miners. #HotTrends#BNBChain#BOME#BTC🔥🔥🔥🔥#Bitcoin(BTC)
Here are most people crypto forecasts for 2030: $Shib: $5 $Pepe: $39 $XRP : $2000 $LUNC : $732 $DOGE : $2502😲😲😲
I've noticed numerous videos on social media purporting that cryptocurrencies will reach these values in 2024. However, the content of these videos seems to be crafted by someone with minimal knowledge, akin to what you'd expect from a 10-year-old.
A word of caution to new investors: Be skeptical of such ambitious predictions. Achieving these price points by 2024 seems highly improbable. It's crucial to conduct thorough research before making any investment decisions.
Many newcomers to the cryptocurrency sector start by investing in coins that are no longer active, then seek community opinions. This approach often stems from a lack of understanding. Gaining knowledge and conducting research before diving into the cryptocurrency market is essential. I urge you to consider my advice, as I've navigated similar challenges when I was starting out.
I aim for this advice to guide new investors away from common pitfalls. If you've encountered similar speculative content, feel free to share your thoughts.