Bitcoin: New rally is on the way – JPMorgan

Investing.com – In a recent report, JPMorgan announced that a new Bitcoin rally is expected in August. The analysts of the renowned bank are optimistic that the recent phase of correction will soon come to an end and the market can recover. Despite the recent significant setbacks, the banking giant sees light at the end of the tunnel.

A key point in JPMorgan's report is the expectation that the wave of crypto liquidations, which has burdened the market in recent months, is likely to subside in August. These liquidations had led to significant price declines, but analysts see signs that this pressure will soon ease.

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Interestingly, JPMorgan has lowered its estimate of crypto net inflows for the current year from the original $12 billion to $8B. This adjustment is based on current trends and data that provide a more accurate picture of the current market conditions. The bank admitted that the original estimate of $12B was too optimistic in light of market developments. The high Bitcoin price, which was far above production costs, made the earlier estimate unrealistic. Note: Big Summer Sale at InvestingPro! Are you ready to revolutionize your stock selection? Leave tedious research and uncertain decisions behind you! With ProPicks - our AI tool - you get over 100 top stocks every month. Our picks have outperformed the S&P by an incredible 1,300% since 2013. Join the exclusive ProPicks community and beat the market. Take advantage of our exclusive discount now: Enter the code "PROTRADER" when ordering and get up to 60% off . But hurry - only for a short time! Click here and don't forget the discount code!

Source: Investing.com