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- JPMorgan’s analysis suggests the effects of the Bitcoin halving and Ethereum upgrade might already be reflected in their current market prices.
- Despite a bullish outlook on cryptocurrency sustainability, there’s speculation on whether a correction for BTC and ETH is on the horizon.
Following the CNF update on JPMorgan’s alert regarding the upcoming 2024 Bitcoin Halving, this article explores the implications of the Bitcoin halving and Ethereum upgrade on their prices, pondering the possibility of a market correction for BTC and ETH.
Recently, JPMorgan made headlines with a tweet emphasizing a positive outlook on cryptocurrency.
BIG BREAKING 🚨
JP MORGAN GOES BIG ON #BITCOIN .
MAJOR U.S BANK JPMorgan says "we see the higher cryptocurrency prices not only sustaining but improving." pic.twitter.com/WGKq0W3bey
— BITCOINLFG® (@bitcoinlfgo) February 27, 2024
This statement marks a significant stance from the major U.S. bank, contrasting its previous cautionary advice.
Additionally, a recent CoinMarketCap post elaborated on JPMorgan analysts, led by Nikolaos Panigirtzoglou, suggesting a deviation from past trends. They argue that the anticipated impact of the halving has already been factored into current prices, evidenced by the increased flow of Bitcoin from smaller wallets, typically associated with retail traders, surpassing that from larger, institutional-linked wallets.
Nikolaos Panigirtzoglou, in an interview, highlighted,
The revival of the retail impulse in February perhaps reflects the anticipation of three main crypto catalysts over the coming months: the Bitcoin halving event, the next major upgrade of the Ethereum network, and the prospect of approval of spot Ethereum ETFs by the Securities and Exchange Commission in May. We believe that the first two catalysts are largely priced in, while for the third, we see only a 50 per cent chance.
At the time of writing, BTC’s price stands at $57,354, marking a 2.1% increase in recent days and a 10.94% surge over the past week.
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Meanwhile, ETH’s price has reached $3,269, showing a 1.17% rise in the past day and an 11.40% increase over the past week.
The observed confidence boost in both Bitcoin and Ethereum raises the question: Is a correction in BTC and ETH prices imminent? Despite the positive forecasts, JPMorgan’s analysis suggests a cautious approach, indicating that major catalysts might already be priced in, leaving room for speculation on potential market adjustments.
