Altcoins
Will Bitcoin and Altcoins Continue to Rise?
THE cryptocurrency The market has seen another rally, led by leading cryptocurrency Bitcoin. However, JPMorgan analysts say that any rally in the cryptocurrency from here is unlikely to last long. Analysts also expect Bitcoin and gold to benefit from a possible second Donald Trump presidency.
Bitcoin and Altcoin Price Rebound Won’t Last!
As you followed on Kriptokoin.comThe cryptocurrency market has seen upward momentum over the past week. However, it is uncertain whether this will continue. JPMorgan analysts say that any rally in cryptocurrency prices from here on out could be tactical (temporary and strategic) rather than the start of a permanent uptrend. They note that the roughly $67,500 price point that Bitcoin has seen during the recent rally is high relative to its cost of production, which is roughly $43,000, and its volatility-adjusted comparison to gold, which is roughly $53,000.
JPMorgan analysts, led by Chief Executive Nikolaos Panigirtzoglou, wrote in a report released Thursday that the difference between Bitcoin’s price and JPMorgan’s volatility-adjusted gold benchmark “indicates a reversion to the mean around the zero line, limiting any upside potential for Bitcoin “Long-term prices.”
Crypto rebounds expected from August!
Analysts reiterate that crypto Bounces are expected from August, with liquidations tapering off after July. Bitcoin futures are expected to rally after the liquidation of Gemini and Mt. Gox creditors as well as the German government’s sale of confiscated BTC. Analysts say these liquidations are expected to taper off after July, and they expect Bitcoin futures to rebound from August, in line with recent gains seen in gold futures. Against this backdrop, analysts make the following assessment:
We believe momentum traders such as CTAs (Commodity Trading Advisors) play an important role in gold The momentum signal for gold increased in July towards the overbought zone last April.
JPMorgan Comments on Possible Second Trump Presidency
Bitcoin and Gold Should Get a Potential Second Chance Donald Trump According to JPMorgan analysts, some investors see Trump as more supportive of crypto companies and regulation than the current Biden administration. The analysts add that Trump’s potential trade policies could prompt emerging market central banks, particularly the People’s Bank of China, to turn to gold.
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