Bitcoin Predictions According to JP Morgan

Bittimeo - JP Morgan has released a research report predicting that Bitcoin will experience a bullish rebound in August. Despite the intense market correction, the banking giant sees light at the end of the tunnel.

Crypto Liquidation Wave Expected to Subside

One of the key points in the JP Morgan report is that the wave of crypto liquidations that has hit the market is expected to subside this month. The bank has revised its year-on-year crypto net flow forecast from $12 billion to $8 billion. These adjustments are based on the latest trends and data, which provides a more accurate picture of current market conditions.

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JP Morgan admitted that its previous estimate of $12 billion was too optimistic given the circumstances, pointing out that Bitcoin's price is much higher than its production costs and even the price of gold, making $12 billion unrealistic. The $8 billion figure, however, reflects a more realistic approach to understanding the Bitcoin market.

Latest Bitcoin Developments

At the time of writing, Bitcoin's value was $57,290, which is a huge drop from March's all-time high of $73,737. Bitcoin has experienced just as many double top and double bottom patterns over the past month, meaning bulls and bears have an equal chance of taking over. However, until now, nothing has succeeded.

Technical Indicators and Bullish Rebound Prediction

JP Morgan says that Bitcoin will make a bullish comeback in August. The OBV Oscillator indicator shows a negative value, which means the selling pressure is stronger than the buying pressure. The MACD line is below the signal line, and both are in negative territory, which is another clear bearish signal.

Apart from that, the RSI is below the neutral level, namely at 36.69. This technical indicator indicates a continuing bearish trend. If the price fails to break the immediate resistance level at $60,000, we may see a further decline towards the support level at $53,000.

The strong selling pressure indicated by the OBV and MACD makes it possible for the price to test the lower support levels. For a bullish reversal, BTC needs to break the $60,000 resistance level and stay above it. A bullish crossover in the MACD and an increase in the RSI towards neutral levels will be needed to confirm the price surge. If buying volume increases significantly, we may see a test of the upper Fibonacci band around $76,000.

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Conclusion

JP Morgan's report provides a more realistic and cautious view of the current Bitcoin market. Despite significant selling pressure, the opportunity for a bullish rebound in August still exists. To confirm a bullish reversal, Bitcoin needs to break and stay above an important resistance level and show a strong increase in buying volume.

How to Buy Crypto in Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Study Complete Guide How to Buy Crypto on Bittime.