JPMorgan: Bitcoin may fall after halving as market remains overbought

BlockBeats news, on April 18, according to CoinDesk, a research report from JPMorgan Chase (JPM) said that the price of Bitcoin (BTC) may weaken after the halving of rewards. Halving is an event every four years, which will slow the growth of Bitcoin supply. It is expected to occur around April 19-20. Based on its analysis of Bitcoin futures positions, JPMorgan Chase believes that the world's largest cryptocurrency faces downside risks after the halving because the market is still overbought. In addition, the current price of Bitcoin is about $61,200, which is still higher than the bank's volatility-adjusted comparative value for gold, set at $45,000, and the estimated production cost of $42,000 after the halving. Bitcoin production costs have historically been the lower limit of BTC prices.