JPMorgan Analysts: Any Crypto Rebound from Here Is Unlikely to Be Long-Lasting; Bitcoin and Gold to Benefit from a Potential Second Donald Trump Presidency
- WBOYOriginal
- 2024-07-22 06:12:591101browse
A rebound in Bitcoin and altcoin prices won't last! As you have been following on Kriptokoin.com, the crypto market has been on an upward momentum over the past week.
Cryptocurrency market has made a bullish move once again, led by the leading crypto Bitcoin. But JPMorgan analysts say any crypto recovery from here won't last long. Analysts also say that Bitcoin and gold expect to benefit from a possible second Donald Trump presidency.
The recovery in Bitcoin and altcoin prices will not last long!
As you follow on Kriptokoin.com, the crypto market has been in an upward trend for the last week. However, it remains unclear whether this will continue. JPMorgan analysts say any rebound in crypto prices from this point onwards could be tactical (temporary and strategic) rather than the start of a permanent uptrend. Analysts note that the price of around $67,500 that Bitcoin saw in its recent rally is high compared to its production cost of about $43,000 and the volatility-adjusted price of about $53,000 compared to gold.
JPMorgan analysts led by managing director Nikolaos Panigirtzoglou wrote in a report on Thursday that Bitcoin He wrote that the difference between its price and JPMorgan's volatility-adjusted gold benchmark "indicates a mean reversion around the zero line, thus limiting any long-term upside potential in BTC prices."
Crypto recoveries expected from August!
Analysts say He reiterates that crypto recoveries are expected from August onwards, with liquidations decreasing after July. Bitcoin futures, Gemini and Mt. Gox creditors and the German government's sale of seized BTC. Analysts say these liquidations will likely decrease after July, and they expect a recovery in Bitcoin futures from August onwards, along with the recent gains in gold futures. In this context, analysts make the following assessment:
We believe that momentum traders such as CTAs (commodity trading advisors) play a big role in gold futures trading. The momentum signal for gold rose in July into overbought territory from last April.
JPMorgan commented on a possible second Trump presidency
Bitcoin and gold are expected to benefit from a possible second Donald Trump presidency, according to JPMorgan analysts. Analysts say some investors view Trump as more positive for crypto companies and their regulations than the current Biden administration. Analysts state that Trump's potential trade policies could lead emerging market central banks, especially the People's Bank of China, to gold.
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