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Home News Crypto

JPMorgan Warns: Bitcoin’s Rebound May Be Short-Lived

by Team Lumida
July 22, 2024
in Crypto
Reading Time: 3 mins read
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Key Takeaways:

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  1. JPMorgan predicts bitcoin’s current price is unsustainable.
  2. Momentum in bitcoin futures remains weak due to recent liquidations.
  3. Possible Trump election win could benefit bitcoin and gold.

What Happened?

JPMorgan’s recent report states the current rebound in the crypto market, particularly bitcoin, is likely short-term and not indicative of a new bull market.

The bank highlights that bitcoin’s price, around $67,220, is significantly higher than its production cost of $43,000 and its volatility-adjusted comparison to gold, which stands at $53,000. Weak momentum in bitcoin futures, attributed to liquidations by Gemini and Mt. Gox creditors and the German government, has further impacted the market.

Why It Matters?

Understanding JPMorgan’s caution is crucial for investors. Bitcoin’s high price relative to production costs and gold suggests potential overvaluation, hinting at a possible price correction.

Additionally, the weak momentum in bitcoin futures signifies that recent gains might be unsustainable. Investors should also note that the political climate can significantly affect market dynamics. JPMorgan’s report mentions that a Trump election win could be more favorable for crypto regulations, potentially boosting bitcoin and gold prices.

What’s Next?

Looking ahead, JPMorgan anticipates a rebound in CME bitcoin futures positioning into August as liquidations subside. Investors should watch for any announcements at the upcoming Nashville Bitcoin conference, where speculation suggests Trump might declare bitcoin a strategic reserve asset. Such a move could potentially lead to a parabolic rise in bitcoin’s price, offering a unique opportunity for market participants.

Source: Coindesk
Tags: Bitcoin
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
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