**JPMorgan Analysts Warn of Further Bitcoin Pullbacks**
Despite optimism surrounding Bitcoin’s future trajectory leading up to the Bitcoin Halving, analysts at JPMorgan have raised concerns about potential pullbacks in the flagship cryptocurrency’s price. The strategists at JPMorgan, led by Nikolaos Nikolaos Panigirtzoglou, believe that Bitcoin could still experience further declines following its recent drop.
**Bearish Signals for Bitcoin’s Price**
According to a Bloomberg report, JPMorgan analysts pointed to net outflows from Spot Bitcoin ETFs as a bearish signal for Bitcoin’s price. They also highlighted the sustained open interest in CME Bitcoin futures as another indicator that Bitcoin may be overbought. The analysts expect further price dips leading up to the Halving event in mid-April.
**Profit-Taking Expected Ahead of Halving**
The JPMorgan analysts noted a decline in net inflows into Spot ETFs, suggesting that investors may start taking profits ahead of the Bitcoin Halving. They believe that Bitcoin still looks overbought despite recent corrections and anticipate a wave of profit-taking in the coming weeks.
**Mixed Sentiments in the Market**
Naeem Aslam, chief investment officer at Zaye Capital Markets, shares JPMorgan’s bearish sentiment, warning that Bitcoin could fall below $50,000 if the Halving event fails to maintain momentum. However, some analysts, like Rekt Capital, believe that a re-accumulation period after the Halving could lead to further uptrend continuation.
**What to Expect After the Halving**
Rekt Capital suggests that there may be a re-accumulation period lasting up to five months after the Halving event. During this time, investors may experience boredom and impatience, but the analyst believes that this period could lead to further uptrend continuation, especially as Bitcoin approaches new all-time highs.
Overall, while JPMorgan analysts remain cautious about Bitcoin’s price in the short term, there is still optimism in the market for long-term growth and potential uptrends following the Halving event. Investors should stay informed and monitor market trends closely in the coming weeks.
