JPMorgan Predicts Halving Could Send BTC to $42,000

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According to investment bank JPMorgan, Bitcoin remains highly overbought. Despite a slight improvement last Thursday, the cryptocurrency has been experiencing losses since the start of the week, dropping to $64,808 on Friday, March 22.

The bank’s analysts predict that pressure will continue to mount in the coming days and may even result in a drop below $50,000.

With the upcoming halving, the pressure is expected to increase, potentially leading to a collapse in Bitcoin‘s value to $42,000.

The fact that the futures price is still higher than the spot price also suggests that the asset is overbought, according to JPMorgan’s head of research, Nikolaos Panigirtzoglou.