According to a recent report, JPMorgan Chase and Deutsche Bank are racing to produce their own estimates for Bitcoin’s price trend following the recent halving event.
Their poll showed unusually optimistic findings, with more than 10% of the respondents being of the opinion that Bitcoin was likely to skyrocket and surpass $75,000, making it a mainstream store of value before the end of the year.
Marion Labourer and Cassidy, Deutsche Bank analysts, provide a bullish view, predicting Bitcoin will hold reasonably high prices due to Ethereum ETFs approval, central bank rate decreases, and potential unusual regulatory modifications.
JPMorgan, meanwhile, seems to take a cool stance towards the euphoria surrounding the asset. Their expert, Nikolaos Panigirtzoglou, forecasts a likely price decrease in the cryptocurrency-fiat pair, citing overbought circumstances and pricey valuations among other causes.
Nikolaos anticipates a price of $42,000 for Bitcoin based on technical analysis, which is a considerable fall from the present price.
The outcome of the Bitcoin halving cycle seems to have stirred up a controversy between skeptics and enthusiasts in the cryptocurrencycurrency community.
The question arises: who’s right between the two banks? The fact is that both banks could be right to a certain degree. The halving clearly decreases the supply, which can potentially lead the price to climb in the future. However, short-term price changes are affected by a broad array of factors, such as investor emotion, market restrictions, and even sudden news occurrences.
Read also: Bitcoin Halving is Historically Bullish: Bitwise CIO
