May has not been good for Bitcoin, which has had a positive year so far. The projections are not good for June, but JP Morgan does not rule out a strong rise, which will go hand in hand with a recovery in the price of gold.
So far this month, Bitcoin falls more than 7% and it is not expected, except for an unexpected event, that this trend will be corrected in the few days that remain in May. When making projections for the coming month, analysts mention that the last three years have not been good for the cryptocurrencywith falls of 37% last year, of just over 6% in 2021 and 3.4% in 2020. Thus, they point out that it is necessary to go back to before the pandemic to find a positive June.
And it is that they point out that Bitcoin It is an asset with a strange behavior compared to the rest of the market, since sometimes it shows total independence and, on other occasions, the impact of the macro effect on its price is notable.
As an article from the specialized Diario Bitcoin portal points out, an element that is drawing attention at this time is that the cryptocurrencies and the Nasdaq technological index are among the best of the year in terms of performance in financial assets, but concerns about the ceiling of Debt like and the statements of the members of the Federal Reserve (Fed) on interest rates in the United States, have marked a volatility in the last week, which affects the performance of Bitcoin.
JP Morgan’s Bitcoin Predictions
Nevertheless, JPMorgan It foresees that, for the next Bitcoin halving, it is likely that the price of gold will favor the crypto rebound. Thus, if the gold metal returns to over $2,000Bitcoin could climb to $ 45,000 dollars, above all, due to the synergies that arise between both assets as a refuge of value in the face of market turbulence and uncertainty.
So far this year, the value is close to improvements of 64% and, this week, the fear and greed index is placed at levels of 50, in neutral, with a slight drop of two points compared to last.
Regarding its capitalization, it drops one position, to 13 below the Taiwanese TMC and above Visa, with 527,140 million dollars which means 44.5% of the global cryptocurrency market whose total capitalization amounts to 1.18 trillion dollars.
Since mid-May, with a medium, a weak and very strong projection has been shown for the first cryptocurrency on the market, however, in the long term.
Source: Ambito
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