Bitcoin is overbought, at least that’s what the analysts at J.P. believe. Morgan. They are betting that Ethereum will eclipse Bitcoin in 2024.
A new report from JPMorgan suggests that BTC has already been overbought since its last price rally. This is interesting, after all, the markets generally assume that a possible approval of the first BTC spot ETF in the USA will pump enormous amounts of fresh money into the market.
Not interested in Bitcoin spot ETFs on the market?
But the analysts at J.P. Morgan obviously sees the situation completely differently. They examined the demand for existing Bitcoin spot ETFs in Canada and Europe and concluded that there is not much interest in this form of investment.
From this J.P. concludes Morgan that the planned BTC spot ETFs from investment giants such as BlackRock or Grayscale could turn out to be a flop. In their opinion, this would be a great opportunity for Ethereum, which could develop into a big market winner.
If the number 2 on the crypto market manages to regain market share from Bitcoin, then this would also be the starting signal for an end to the crypto winter. The markets still believe that the SEC’s OK on a Bitcoin spot ETF will release billions of dollars for the Bitcoin market, but this optimism is loud J.P. Morgan premature.
The big opportunity for Ether?
People there believe that there will only be reallocations. It is therefore currently assumed that there will be a lot of profit-taking after a price increase. In addition, the analysts stated that the next BTC halving is currently priced into the price. Given these considerations, the US banking giant sees little potential for further major price gains in BTC.
Therefore, analysts expect the big rise of Ethereum in 2024. The No. 2 market is expected to take back market share from Bitcoin when investors realize that their expectations of BTC were excessive. If these predictions are correct, then the crypto winter could be nearing its end.
J.P. Morgan’s assessment differs significantly from the market opinion; the future will show whether the analysts are right.
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