@dianna
Investing.com - JPMorgan Chase recently released a report predicting that Bitcoin will usher in a new round of rebound in August, and is optimistic that the recent market adjustment is about to end, and Bitcoin prices are expected to recover and get out of the haze of the previous plunge.
The bank's main reason for being bullish on Bitcoin is that it expects the cryptocurrency outflow that has overwhelmed the market for months to subside in August. This wave of clearing has caused a sharp drop in currency prices, but analysts say they have seen signs that market pressure is about to ease.
However, it is worth noting that JP Morgan lowered its forecast for net inflows into the cryptocurrency market this year from $12 billion to $8 billion based on current trends and data.
The bank admitted that previous forecasts were too optimistic, especially when the price of Bitcoin is well above the cost of production, and that early expectations appeared unrealistic.
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