LearnTrade.ca -- In a recent report, JPMorgan announced that a new Bitcoin rally is expected in August. The analysts of the renowned bank are optimistic that the recent phase of correction will soon come to an end and the market can recover. Despite the recent significant setbacks, the banking giant sees light at the end of the tunnel.
A key point in JPMorgan's report is the expectation that the wave of crypto liquidations, which has burdened the market in recent months, is likely to subside in August. These liquidations had led to significant price declines, but analysts see signs that this pressure will soon ease.
Adjustment of Crypto Net Inflows
Interestingly, JPMorgan has lowered its estimate of crypto net inflows for the current year from the original $12 billion to $8B. This adjustment is based on current trends and data that provide a more accurate picture of the current market conditions. The bank admitted that the original estimate of $12B was too optimistic in light of market developments. The high Bitcoin price, which was far above production costs, made the earlier estimate unrealistic.