A report from JPMorgan Chase, an investment bank, suggests that Bitcoin (BTC) is still in overbought territory. Cryptocurrency has been experiencing losses since earlier this week. While there was a slight improvement in Bitcoin positions on Thursday, by Friday, BTC had fallen to $64,808. Analysts at JPMorgan predict that pressure will intensify in the coming days. They do not rule out the possibility of Bitcoin falling below $50,000 if sellers become more active. The report also indicates that the pressure on Bitcoin has not diminished after the halving but has instead increased. Therefore, the digital currency could drop to $42,000. Nikolaos Panigirtzoglou, head of research at JPMorgan, notes that futures prices are still higher than spot prices, indicating that the asset is overbought. This suggests that Bitcoin futures prices are higher than the actual market prices, possibly reflecting excessive optimism among investors.
BTC May Drop to $42,000 After The Halving
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