Summary
TLDR: JPMorgan analysts believe that bitcoin is overbought despite recent corrections. The Federal Reserve’s announcement of three rate hikes and the upcoming halving could lead to further downside. While some analysts predict short-term pain, others remain optimistic about bitcoin’s post-halving price potential.
Key Points
1. JPMorgan analysts believe that bitcoin is overbought, despite a recent correction in its price.
2. The Federal Reserve’s announcement of expected rate cuts caused bitcoin to bounce back after a rough week of price fluctuations.
3. As the bitcoin halving approaches, JPMorgan analysts predict further downside in bitcoin’s price action, despite varying price estimates post-halving.