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Bearish Flip in Crypto Crowd Sentiments Signals Inevitable Bitcoin Price Reversal
The total cryptocurrency market cap has continued to shrink, down 2.4 percent in the last 24 hours to about $2.36 trillion, ahead of the much anticipated Bitcoin (BTC) halving 2024. After registering an impressive first quarter, JPMorgan Chase & Co (NYSE: JPM) analysts have now pointed out short-term weakness post-Bitcoin halving.
According to the JPMorgan note to investors on Wednesday, Bitcoin price will trigger another crypto landslide because the market is still in overbought conditions, based on the analysis of the Open Interest in BTC futures.
Bitcoin Whales Undeterred
According to on-chain data analysis provided by CryptoQuant, crypto whales have accumulated more than 27,700 Bitcoins, worth over $1.7 billion in the past few days. Despite the continued market dump by Grayscale Investments’ GBTC, on-chain data shows long-term investors are unwavering.
Furthermore, Bitco
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