BTC forecast | JPM analysts foresee a stabilizing crypto market

27 באוג׳ 2023

After the last price target was reached:

Now per a Bloomberg report, analysts from JPMorgan Chase, including Nikolaos Panigirtzoglou, have recently published a research note indicating that the cryptocurrency market is poised to find stability in the coming time.
The report attributes this prediction to a reduction in the open interest of CME Bitcoin futures contracts, a typical sign of a diminishing price momentum.
The analysts are of the opinion that the recent downturn in the cryptocurrency market, marked by a nearly 12% decrease in Bitcoin's price over the last fortnight, is approaching its conclusion.

In the past, when banks were pessimistic about crypto, it was a good time to buy. When they are optimistic, they aim to trap retail investors at higher prices.

I don't foresee a stabilization in the price of Bitcoin until it reaches a stronger support, such as $23,900.

Looking forward to read your opinion about it.