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Those that hope to see a brand new Bitcoin peak in the course of the present post-halving cycle is likely to be in for a impolite awakening.
In accordance with a current report by banking analyst JPMorgan, the flagship cryptocurrency has already peaked by way of its valuation and buying and selling volumes.
The main cryptocurrency reached its present peak of $73,737 on March 14 following the extremely profitable debut of varied Bitcoin exchange-traded funds (ETFs).
Nevertheless, the cryptocurrency did not maintain its bullish momentum. A number of makes an attempt to reclaim the $73,000 have been unsuccessful for the bulls.
Final week, the Bitcoin price plunged under the $54,000 degree, recording the largest correction of the present cycle of 27%. The cryptocurrency has been underperforming the U.S. equities market as a result of numerous bearish headwinds reminiscent of Mt. Gox’s repayments and huge gross sales initiated by the German authorities.
JPMorgan additionally talked about the underwhelming efficiency of Bitcoin ETFs in June, which suffered from $662 million price of outflows.
Nevertheless, there are nonetheless some analysts who imagine that the bullish cycle is much from over. For example, Fundstrat’s Tom Lee lately reiterated his $150,000 price prediction. Commodity dealer Peter Brandt can be satisfied that such a goal could be achievable for the main cryptocurrency in 2025.
Regardless of the bearish headwinds, there are nonetheless some indicators that the market is likely to be in restoration mode. For example, Bitcoin spot ETFs managed to report a shocking $295 million price of inflows on July 8 in an indication of rising demand.