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Bitcoin (BTC) has dominated the crypto market since the beginning and is the biggest influence on the entire market’s performance. And with the launch of Bitcoin ETF or Exchange Traded Funds, the impact has grown even higher. These ETFs played a role in pushing Bitcoin towards the ATH of $73,750.07 but also towards the recent drop to $54K. However, things are about to change as the famous banking and financial services institution, JP Morgan, has predicted the next bull run. With the positive sentiments increasing and the decline in selling pressure, the prediction seems to be in process.
JP Morgan Claims August Is The Month For Crypto
JP Morgan published a report recently explaining the new evaluations and the crypto liquidation issues ending by month’s end, which might push the market to recover by August. As a result, the Bitcoin price and the Crypto market will see a significant boost.
In the report, the firm covered the year-to-date crypto netflow revision from the previous estimation of $12 billion to $8 billion. The earlier estimation turned into skepticism after analyzing Bitcoin’s relativity to its production cost or even to the price of gold. Lastly, the decrease in the exchange’s reserve also plays a significant role in the calculation of the new valuation.
Nikolaos Panigirtzoglou, JP Morgan’s analyst and strategist, said: –
The reduction in the estimated net flow is largely driven by the decline in bitcoin reserves across exchanges over the past month.
This new estimation is because of the $14 billion in net flow in the crypto funds, $5.7 billion from cryptos VCs, and $5 billion from the CME duties. Moreover, the total gets adjusted with the $17 billion to the account due to the shift from exchange wallets to ETFs.
The decline in the BTC Liquidation comes with the intense selling of the token by the German government, the transfer of the token by the Mt. Gox exchange, and a few other factors. Once these factors are over, the market might witness a boost.
Is Bull Run Next?
With a recovery next month and the decline in the selling pressure, the Bitcoin price might surge under the impact of FOMO. Bitcoin is due for a long recovery as the value has continuously declined since its March ATH. However, the current chart’s movement is indicating a further downtrend, being on a pivot point per CryptoQuant.
Meanwhile, the whales have been aggressively buying the BTC token, indicating the rising demand. This surged demand is mainly because of the decrease in the value, but the Bitcoin ETF net flow rates are also playing an important role.
With this unclarity with Bitcoin and the market behavior, the prediction of the bull run is getting challenging. But it is due after the Bitcoin halving, and with JP Morgan’s prediction over the market recovery next month, things might get clear soon.
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