JPMorgan Says Bitcoin and Cryptocurrency Market Will Rebound in August

Investment banking giant JP Morgan The bank recently stated that Bitcoin and the cryptocurrency market as a whole will see a massive rebound in August. Indeed, the bank also noted that the ongoing liquidations in the market are likely to last until the end of July.

The bank also downgraded its estimate of net flows since the beginning of the year in an updated projection. Specifically, the firm is forecasting flows of $8 million, down from $12 billion previously. In recent weeks, the market has faced increased selling pressure. Particularly due to continued bank load shedding. German government.

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JPMorgan expects cryptocurrency rebound in August

Source: Watcher.Guru

In a research report released this week, JPMorgan predicts that Bitcoin and the broader cryptocurrency market will rebound in August. The bank’s analysts discussed the likelihood that liquidations will stop in July. Additionally, they provided insight into how net flow forecasts will evolve.

“The reduction in the estimated net flow is largely due to the decline in bitcoin reserves on exchanges over the past month,” said Nikolaos Panigirtzoglous of JPMorgan. The bank said the $12 billion mark was highly questionable. This is likely due to the price of bitcoin relative to the cost of production and the price of assets like gold.Source: The Financial Technology Report

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The ongoing BTC selloff by the German government has been a recurring problem for the market. The seizure of over $2 billion worth of the leading cryptocurrency has led to massive selloffs in recent weeks. The asset’s price has reflected the increased pressure.

The asset is currently trading at $58,775, which is far from its all-time high of $73,000 reached in March this year. Moreover, the token has dropped by more than 12% in the last 30 days, according to CoinMarketCap. However, the trend is reversing slightly following the positive US inflation data revealed today.

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