According to a recent report, JPMorgan Chase and Deutsche Bank are competing to make their own projections for Bitcoin’s price trajectory following the recent halving event.
Marion Labourer and Cassidy, Deutsche Bank analysts, paint an optimistic picture, implying Bitcoin will hold relatively high levels due to Ethereum ETFs approval, central bank rate cuts, and potential exceptional regulatory revisions.
Their study yielded very optimistic results, with more than 10% of the respondents being of the opinion that Bitcoin was likely to surge and hit $75,000, making it a mainstream store of value by the end of the year.
JPMorgan, however, seems to take a cold stance towards the enthusiasm surrounding the asset. Their analyst, Nikolaos Panigirtzoglou, predicts a foreseeable price drop in the crypto-fiat pair, citing overbought circumstances and expensive valuations among other factors.
Nikolaos estimates a price of $42,000 for Bitcoin based on technical analysis, which is a significant decrease from the current price.
The question arises: who’s right between the two banks? The fact remains that both banks could be right to a certain degree. The halving definitely decreases the supply, which can potentially cause the price to increase in the future. However, short-term price fluctuations are affected by a complex array of factors, such as investor sentiment, market regulations, and even sudden news events.
The outcome of the Bitcoin halving cycle seems to have stirred up a debate between skeptics and enthusiasts in the cryptocurrency community.
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