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News - JPMorgan: Bitcoin with a bullish comeback in August
The bank JPMorgan, in a new report, spreads hopeful prediction: starting in August, sales would stop and Bitcoin will rise again.
In recent weeks, things went downhill in the crypto market: Bitcoin lost about 15 percent in value in the last 30 days, Ethereum dropped 12 percent and Solana lost 10 percent. However, according to US bank JPMorgan, the bad news is coming to an end as of August.
The reason is a halt to liquidations by Mt. Gox and the Saxony prosecutor's office, JPMorgan states in a report. In Saxony, sales should end soon. According to details of Arkham only 6,800 of the initial 50,000 BTC remain on the wallet in question.
While you're being scared, smart money is doubling down.
— Arsen | Bitcoin Therapy 📧 (@satoshibaggins) July 10, 2024
That’s because this dip is nothing new.
As you can see, Bitcoin goes to a new all-time-high every 4 years:
2012: Bitcoin goes from $12 to $1000 = ~9,000% increase
2016: Bitcoin goes from $650 to $19K = ~3,000% increase… pic.twitter.com/gxHsEwzLBs
Further: the bank predicts an upward trend for Bitcoin and other cryptocurrencies. The report does not mention specific price targets. According to Arsen, founder of the Bitcoin newsletter Bitcoin Therapy, the cryptocurrency could rise as high as US$330,000 in the current cycle.
Based on an analysis of the last bull cycles, Arsen expects growth of about 450 percent in the current market period.
