JPMorgan Warns Bitcoin Price Retreat Will Continue

According to Bloomberg, JPMorgan Chase and Co. strategists have cautioned that this Bitcoin price retreat may have further room to unfold.

The group of 10-spot Bitcoin ETFs experienced its most substantial three-day outflow since their debut on January 11. Currently, Bitcoin is poised for one of its toughest weeks this year, with a 4% dip, trading at $65,500 at the time of writing.

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JPMorgan strategists reiterated their view that Bitcoin appears overbought, issuing a February forecast for a potential Bitcoin price retreat leading up to April’s highly anticipated halving event, which will reduce the supply of newly minted Bitcoin.

Furthermore, sustained open interest in CME Bitcoin futures, coupled with declining ETF flows, signals bearish sentiment for Bitcoin’s price, as noted by strategists led by Nikolaos Panigirtzoglou in a Thursday report.

Retail Trader Enthusiasm Wanes Amidst Resurging Dollar

Despite reaching a record high of nearly $73,800 on March 14, retail trader enthusiasm for Bitcoin may be dwindling, suggested Naeem Aslam, chief investment officer at Zaye Capital Markets.

The recent weakness in Bitcoin’s price action could be attributed to the resurgence of the U.S. dollar following a surprise interest rate cut by the Swiss central bank, reversing Wednesday’s steep drop despite Federal Reserve Chair Jerome Powell’s dovish tone amid higher-than-expected inflation readings.

In contrast, Bernstein raised its Bitcoin price target to $90,000 by year-end, up from the previous forecast of $80,000, according to a Thursday research note.