In the early morning of today (22nd), Bitcoin, which had just recovered for less than a day, turned weak and fell to $64,760. Market analysis company Swissblock said that Bitcoin's correction has basically come to an end; but JPMorgan analysts sang a different tune, believing that Bitcoin is still in the overbought zone and may fall further.
Swissblock pointed out that before yesterday’s (21st) rebound, Bitcoin almost fell to the previously expected “cooling-off phase” target price of US$58,000 to US$59,000, thus concluding that Bitcoin has completed the correction and will move to a higher price next.
On the other hand, JPMorgan analysts led by Nikolaos Panigirtzoglou mentioned that observing JPMorgan's futures position indicators and the premium of Bitcoin futures prices, it can be found that there are still a large number of contract positions that have not yet been closed.
“Despite the sharp correction Bitcoin has experienced over the past week, both indicators suggest that Bitcoin remains in overbought territory,” the analysts said.
JPMorgan Chase predicted in early March that Bitcoin could fall to around $42,000 after the halving.
