JP Morgan Predicts Grim $42,000 For Bitcoin Post Halving, Shiba Inu And Dogecoin Tumble

Bitcoin (BTC) surged past the $73,000 mark before its fourth halving, which occurred on April 19, 2024, and other assets such as Shiba Inu and Dogecoin followed its lead, recording massive gains in value. However, just a few days after halving, the flagship asset spiraled below the $64,000 level due to the massive liquidation of position by traders.

As Bitcoin (BTC) continues to struggle with the bearish wind, many wonder if the asset will follow the trajectory of the grim price predictions made by financial analysts of JP Morgan on the king of cryptocurrency. Let’s discuss the projections of the analysts and their reason for such sentiments on the token

JP Morgan Forecast Bearish Prediction For Bitcoin

In a research report, analysts of world-renowned investment bank JP Morgan made a bearish price forecast on Bitcoin (BTC), speculating the asset will drop to $42,000 after halving. One of the analysts, Nikolaos Panigirztzoglou, made this prediction due to the negative impact a halving event has on the reward of miners. During the Bitcoin halving, its previous block reward of 6.25 was slashed by 2, making the current block reward 3.125 BTC.

This reduction will significantly affect the hash rate due to the exit of miners who are no longer making profits or lack adequate funds to maintain operations. Also, Bitcoin’s (BTC) price of about $61,000 at the time of prediction was significantly above the investment bank’s volatility adjustment comparison with Gold, which sets its production cost at $42,000.

According to JP Morgan, an open interest analysis in Bitcoin futures indicates that it is overbought. In addition, the analysts pointed to a lack of venture capital flowing into the crypto industry as a factor in its depreciation. Aside from JP Morgan, others like Goldman Sachs, in a recent report, also shared the sentiment of the investment bank, stating that current economic conditions might create a hostile environment for the token price surge post-halving.

However, unlike JP Morgan and Goldman Sachs, other firms like Bernstein are bullish on Bitcoin (BTC), projecting a $150,000 price value by 2025. Currently, Bitcoin (BTC) trades below $64,000, according to data from Coinmarketcap.

Dogecoin (DOGE) And Shiba Inu (SHIB) React To Bitcoin’s Post-Halving Trajectory

Leading meme coins Shiba Inu (SHIB) and Dogecoin (DOGE) have experienced a decline in price following the bearish conditions of the crypto market post-halving. According to The Economic Times,

Dogecoin (DOGE) recorded a 6.4% decrease, while Shiba Inu (SHIB) declined by 7.7%.

Currently, according to the data from asset tracking platform Coinmarketcap, Dogecoin (DOGE) ranks 8th in the crypto market and trades at $0.14, while Shiba Inu is valued at $0.00002536 and ranks 11th.

ETFswap Continues To Surge Despite Bearish Market Conditions

ETFswap (ETFS), a decentralized crypto project, has continued to see increased user interest even as the crypto market continues to sail bearish winds. Its success is attributed to its unique ecosystem, which uses tokenization of assets to make exchange-traded funds available to all in the crypto industry.

Also, it recorded massive success in its private sale event, raising $750,000 from the investment of two institutional investors and three angel investors. In addition, ETFSwap (ETFS) has launched a public sale of its token ETFS, offering it at $0.00854 per coin in stage 1. An exciting factor drawing both whale and small investors into this presale is the assurance of profit, as stage 2 will be offered at a higher price of $0.01831.

Further, experts have speculated a 10,000% surge in price for the token, which will soon take to the $1 mark. The result will be a 100x yield on investment for early investors, which has in turn created a fear of missing out (FOMO) among savvy investors in the blockchain industry, taking the total number of tokens sold to over 33 million. You, too, can make a 100x yield on your investment today if you buy ETFSwap (ETFS) at presale.

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