Prepare for bitcoin to fall after the long-awaited halving, JPMorgan says [Yahoo! Finance]
JP Morgan Chase & Co. (JPM)
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Source: Yahoo! Finance
The bank's analysis of bitcoin futures shows that the cryptocurrency is in overbought territory. Mining companies will feel the pinch post-halving, and the sector could see consolidation. The long-awaited bitcoin halving bell is here, but don't bet on more rapid gains just yet — JPMorgan says the price of the world's largest crypto could tumble shortly after the event. The quadrennial halving — scheduled around April 19-20 — slashes the amount of new bitcoin entering circulation by reducing the amount rewarded to miners by half. The market has widely been anticipating the event as a bullish catalyst, helping to send the token to record highs in 2024. "We do not expect bitcoin price increases post halving as it has been already priced in. In fact we see downside for the bitcoin price post halving for several reasons." analysts led by Nikolaos Panigirtzoglou wrote in a note this week. First, JPMorgan says that the bitcoin market is still riding high in overbought territory af
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