JPMorgan Experts: Bitcoin and Altcoins Will Recover in August!
Is the troubled period in the cryptocurrency industry coming to an end?
In a recently published research report by experts of the US-based giant investment bank JPMorgan, it was stated that the declines in the cryptocurrency sector are expected to decrease this month and the market will recover starting from August.
The leading cryptocurrency Bitcoin (BTC) has been experiencing a gradual decline for a long time. Even today, positive inflation data from the USA could not trigger increases in BTC.
JPMorgan analysts linked the reason for this chaotic process in Bitcoin and altcoins to Mt.Gox payments and the German Government's large BTC sales.
The giant bank reduced its annual net inflow forecast from $12 billion to $8 billion due to the decrease in Bitcoin reserves.
âThe decrease in estimated net flows is largely due to the decline in BTC reserves on exchanges over the past month,â wrote analysts led by Nikolaos Panigirtzoglou.
Although experts think that the difficult process in the crypto market will continue in July, they believe that crypto assets will rise in August.
In the coming period, following the low inflation data, the FED is expected to make dovish statements. FED's positive statements may also be effective in the recovery of the crypto market.
