“What happens if August doesn't go up? "Later we said the crypto market will increase in September too."
JPMorgan, the investment banking giant believes that the cryptocurrency market including Bitcoin (BTC) will see a massive increase in August 2024 and even expects ongoing liquidations to occur at this time, perhaps stretching until the end of July 2024.
It cannot be denied that the crypto market has recently experienced selling pressure due to the German government, but JPMorgan still predicts flows of $8 million compared to the previous forecast of $12 billion.
The reduction in net flow estimates was largely driven by a decline in BTC stocks across crypto exchanges over the past month, said JPMorgan's Nikolaos Panigirtzoglous while adding $12 billion is highly doubtful.
It is widely known that the ongoing massive sales of BTC by the German government has become an ongoing issue for the crypto market which has recently experienced significant selling pressure.
Plus the seizure of more than $2 billion in crypto has led to sell-offs in recent weeks.
It is also important to note that the crypto exchange that has collapsed Mt. Gox will end up paying out 142,000 BTC to receivables soon and that's a big amount, but there's reason to believe receivables won't try to redeem the $8.2 billion.
As of this writing, the price of BTC has fallen by 0.55% to $57,100 in the past 24 hours with a market capital of $1.1 trillion but has still recorded an increase of 2.93% in the past seven days.
