JPMorgan: Bitcoin Remains in "Overbought Territory" Despite Recent Correction
Bitcoin remains in "overbought territory" despite a correction over the past week, suggesting that the largest cryptocurrency by market capitalization could fall further, according to analysts at JPMorgan Chase. The analysts concluded, "Indeed, this profit-taking is more likely to continue as the halving event approaches, especially against the backdrop of looking overbought despite the correction over the past week."
Last week, analysts predicted that the price of bitcoin could fall to around $42,000 after the halving, citing reduced miner incentives and higher production costs.
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