{"id":548911,"date":"2023-08-25T19:34:25","date_gmt":"2023-08-25T19:34:25","guid":{"rendered":"https:\/\/ktsl888.com\/?p=548911"},"modified":"2024-06-11T08:15:43","modified_gmt":"2024-06-11T08:15:43","slug":"jpmorgan-shares-prediction-on-bitcoin-next-move","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/jpmorgan-shares-prediction-on-bitcoin-next-move\/","title":{"rendered":"JPMorgan Shares Prediction On Bitcoin’s Next Move: What You Need To Know"},"content":{"rendered":"

In the latest research report, financial giant JPMorgan Chase & Co. has recently shared its belief in Bitcoin and the crypto market. Bloomberg reported<\/a>, citing data from the financial services firm, that the current downtrend phase in the crypto market might just be nearing its conclusion.<\/span><\/p>\n

Notably, the deceleration in the market momentum, primarily attributed to a series of positive legal and regulatory developments that eventually lost steam, is in its last stretch, according to the banking institution.<\/span><\/p>\n

Related Reading: Bitcoin Price Prediction for 2023, 2024, 2025, 2030 and Beyond<\/a><\/div>\n

Market Dynamics And Future Predictions<\/span><\/h2>\n

JPMorgan’s analyst, Nikolaos Panigirtzoglou, analyzed<\/a> the situation and highlighted the diminishing open interest in the Chicago Mercantile Exchange (CME) Bitcoin futures contracts. <\/span><\/p>\n

In the financial realm, when open interest, which reflects the cumulative unsettled and active futures contracts on exchanges, plunges, it often signals a weakening price trend.\u00a0Consequently, the report suggests, \u201cWe see limited downside for crypto markets over the near term.\u201d<\/span><\/p>\n

The crypto domain witnessed an uplift in recent months. This surge can be attributed to multiple applications, led predominantly by BlackRock Inc., aiming to roll out the first US spot BTC exchange-traded funds.<\/a><\/span><\/p>\n

A favorable courtroom verdict for Ripple Labs in its legal confrontation with the Securities and Exchange Commission (SEC) also contributed to the further uplift in the market sentiment.<\/span><\/p>\n

However,\u00a0the initial exuberance has been waning, according to the report. Market participants are now in anticipation mode, awaiting resolve on spot Bitcoin ETF approvals. <\/span><\/p>\n

Meanwhile, the US Securities and Exchange Commission’s (SEC) impending appeal against the Ripple decision, which is yet to be disclosed, amplifies a “new round of legal uncertainty,” heightening the market’s responsiveness to subsequent legal developments, according to the report.<\/span><\/p>\n

Bitcoin (BTC) Latest Price Action<\/h2>\n

So far, Bitcoin is still struggling to break above a notable resistance<\/a>. The asset has ranged between the $25,000 and $26,000 zone in the past 7 days and currently trades for $25,890, at the time of writing.<\/p>\n

Bitcoin has seen a decline of more than 10% in the past two weeks, and it is currently in red, down by nearly 1% over the past 24 hours.<\/p>\n

\"Bitcoin
Bitcoin’s (BTC) price is moving sideways on the 4-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Alongside its price, Bitcoin’s daily trading volume<\/a> has also plunged in the past week, indicating less trading activity. The asset’s daily trading volume has fallen from a high of over $30 billion recorded last Friday to $12.1 billion in the previous 24 hours.<\/p>\n

Related Reading: Powell Speaks At Jackson Hole, Bitcoin Volatility Comes Back With A Vengeance?<\/a><\/div>\n

Notably, the recent pullback in crypto isn’t isolated. It mirrors a larger recalibration across risk assets, like equities. According to JPMorgan’s report: “Frothy positioning in tech, elevated US real yields, and apprehensions regarding China’s economic trajectory,” were key contributing factors.<\/span><\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

In the latest research report, financial giant JPMorgan Chase & Co. has recently shared its belief in Bitcoin and the crypto market. Bloomberg reported, citing data from the financial services firm, that the current downtrend phase in the crypto market might just be nearing its conclusion. Notably, the deceleration in the market momentum, primarily attributed to a series of positive legal and regulatory developments that eventually lost steam, is in its last stretch, according to the banking institution. Related Reading: Bitcoin Price Prediction for 2023, 2024, 2025, 2030 and Beyond Market Dynamics And Future Predictions JPMorgan’s analyst, Nikolaos Panigirtzoglou, analyzed the situation and highlighted the diminishing open interest in the Chicago Mercantile Exchange (CME) Bitcoin futures contracts. In the financial realm, when open interest, which reflects the cumulative unsettled and active futures contracts on exchanges, plunges, it often signals a weakening price trend.\u00a0Consequently, the report suggests, \u201cWe see limited downside for crypto markets over the near term.\u201d The crypto domain witnessed an uplift in recent months. This surge can be attributed to multiple applications, led predominantly by BlackRock Inc., aiming to roll out the first US spot BTC exchange-traded funds. A favorable courtroom verdict for Ripple Labs in its legal confrontation with the Securities and Exchange Commission (SEC) also contributed to the further uplift in the market sentiment. However,\u00a0the initial exuberance has been waning, according to the report. Market participants are now in anticipation mode, awaiting resolve on spot Bitcoin ETF approvals. Meanwhile, the US Securities and Exchange Commission’s (SEC) impending appeal against the Ripple decision, which is yet to be disclosed, amplifies a “new round of legal uncertainty,” heightening the market’s responsiveness to subsequent legal developments, according to the report. Bitcoin (BTC) Latest Price Action So far, Bitcoin is still struggling to break above a notable resistance. The asset has ranged between the $25,000 and $26,000 zone in the past 7 days and currently trades for $25,890, at the time of writing. Bitcoin has seen a decline of more than 10% in the past two weeks, and it is currently in red, down by nearly 1% over the past 24 hours. Alongside its price, Bitcoin’s daily trading volume has also plunged in the past week, indicating less trading activity. The asset’s daily trading volume has fallen from a high of over $30 billion recorded last Friday to $12.1 billion in the previous 24 hours. Related Reading: Powell Speaks At Jackson Hole, Bitcoin Volatility Comes Back With A Vengeance? Notably, the recent pullback in crypto isn’t isolated. It mirrors a larger recalibration across risk assets, like equities. According to JPMorgan’s report: “Frothy positioning in tech, elevated US real yields, and apprehensions regarding China’s economic trajectory,” were key contributing factors. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":538164,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,78790,6664,2628,3645],"class_list":["post-548911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusdt","tag-crypto","tag-jpmorgan","tag-report"],"acf":[],"yoast_head":"\nJPMorgan Shares Prediction On Bitcoin Next Move: What You Need To Know<\/title>\n<meta name=\"description\" content=\"Financial giant JPMorgan Chase & Co. has recently shared its belief on Bitcoin in the latest research report that the current downtrend...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Edyme","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ktsl888.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/0740dd47da0842fb4beb4895ce9022b4?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0740dd47da0842fb4beb4895ce9022b4?s=96&d=mm&r=g","caption":"Samuel Edyme"},"description":"Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/ktsl888.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"JPMorgan Shares Prediction On Bitcoin’s Next Move: What You Need To Know","url":"http:\/\/ktsl888.com\/news\/jpmorgan-shares-prediction-on-bitcoin-next-move\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/jpmorgan-shares-prediction-on-bitcoin-next-move\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/06\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/06\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?fit=1920%2C1282"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusdt","crypto","jpmorgan","report"],"dateCreated":"2023-08-25T19:34:25Z","datePublished":"2023-08-25T19:34:25Z","dateModified":"2024-06-11T08:15:43Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"JPMorgan Shares Prediction On Bitcoin’s Next Move: What You Need To Know\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/jpmorgan-shares-prediction-on-bitcoin-next-move\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/jpmorgan-shares-prediction-on-bitcoin-next-move\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?fit=1920%2C1282\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusdt\",\"crypto\",\"jpmorgan\",\"report\"],\"dateCreated\":\"2023-08-25T19:34:25Z\",\"datePublished\":\"2023-08-25T19:34:25Z\",\"dateModified\":\"2024-06-11T08:15:43Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/06\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?fit=1920%2C1282","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/548911"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=548911"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/548911\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/538164"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=548911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=548911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=548911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}