JPMorgan: Bitcoin Could Fall to $42,000 After Halving
Bitcoin (BTC) remains in overbought territory, according to a report from investment bank JP Morgan. The cryptocurrency has been suffering losses since the beginning of the week. On Thursday, the Bitcoin position improved slightly, but on Friday, BTC had fallen to $64,808. JPMorgan analysts predict that the pressure will intensify in the coming days. They do not rule out that Bitcoin will fall below $50,000 if sellers become more active. The pressure will not diminish after the halving, it will only increase. As a result, the digital currency could fall to $42,000. Nikolaos Panigirtzoglou, head of research at JPMorgan, said that futures prices are still higher than spot prices, which suggests that the asset is overbought.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Boeing (BA.US) Max 10 certification expected to be announced next week, adding new leverage for debt relief
The Boeing 737 Max 10 has completed key certification meetings and could be approved as early as next week. As Boeing's largest variant to rival Airbus, this model will help airlines replace aging 757s and is expected to become a cash cow for Boeing to reduce its debt.
Foreign holdings of US Treasuries rebounded in August, with UK holdings surpassing $1 trillion for the first time
In August, foreign holdings of U.S. Treasury bonds increased by over 83 billions USD, with Canada and Belgium leading the increase; meanwhile, holdings by Japan and China continued to decline to multi-year lows, and for the first time, the UK's holdings surpassed 1 trillion USD.
Strive's bitcoin holdings increased to 35,595, and TD Cowen raised its target price to $56.
New York Federal Reserve Survey: Service Sector Price Increases Hit Fastest Pace Since 2022, Business Activity Index Drops to Lowest Since March
A survey released by the New York Fed on Friday shows that in October, sales prices for service sector firms increased at the fastest pace since 2022, with input costs remaining robust and supply conditions continuing to deteriorate. Businesses’ pessimism about the commercial outlook has significantly intensified, with the overall business activity index falling by 12 points from the previous month to minus 20.7, marking the weakest reading since March.
Crypto prices
More
