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Bitcoin Market Update
Bitcoin has recently seen a pullback of over 10% from its all-time high, indicating a moderation in the demand for spot Bitcoin exchange-traded funds (ETFs). Analysts at JPMorgan Chase and Co. have warned that this retreat may continue, suggesting further potential declines in the market.
Spot Bitcoin ETF Outflows
The group of 10 spot Bitcoin ETFs experienced its largest four-day outflow since their introduction on January 11. This trend has contributed to Bitcoin’s 4% retreat, making it one of the worst weeks for the cryptocurrency this year.
Bitcoin’s Current Status
As of the latest data, Bitcoin is trading at around $65,400, with JPMorgan strategists noting that Bitcoin still appears overbought. They predict that further declines could occur leading up to the upcoming halving event in April, which will reduce the supply of newly minted BTC from miners.
Market Sentiment and Forecasts
Despite reaching a record high of nearly $73,798, there are concerns among retail traders about the strength of the recent rally. Some experts predict that if the momentum is not sustained post-halving, Bitcoin’s price could fall below $50,000.
Bernstein’s Positive Outlook
Despite the recent decline in Bitcoin prices, investment firm Bernstein has raised its year-end forecast for the cryptocurrency to $90,000, citing various factors such as the start of a new BTC bull cycle, strong ETF inflows, and record-high revenues for miners. This positive outlook extends to cryptocurrency mining stocks as well.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
