JPMorgan Predicts Bitcoin Correction Once Halving Euphoria Cools
- A drop in mining hashrate could drop price support after April
- Investment in new Bitcoin ETFs may help maintain the hashrate
One of the most anticipated catalysts for further gains in Bitcoin may end up sending the price of the largest cryptocurrency lower, according to JPMorgan analysts.
A Bitcoin code update in April called “the halving” that will reduce the amount of tokens issued daily by half to about 450 is being cited by advocates as leading to a supply shortage. Bitcoin has jumped about 45% this year to around $62,000, with demand surging from exchange-traded funds approved in January.