JPMorgan Chase says Cryptocurrency clearing will end, and the bull market for BTC will begin

Despite the recent bearish trend, the American multinational financial institution JPMorgan Chase remains bullish on the outlook for Bitcoin prices. The bank has announced a schedule for the ongoing BTC settlement, and a Rebound is expected in the market afterwards.

JPMorgan Chase predicts the BTC market will Rebound in August
JP Morgan stated in a research report on Wednesday that as the bearish trend caused by the sell-off subsides, BTC settlements should decrease in July this year, and a strong bull market is expected to begin. Although the bank believes that market recovery is imminent, it also doubts the sustainability of the high Bitcoin inflows into encryption assets since the beginning of the year.

First of all, JP Morgan has revised and significantly reduced its net cryptocurrency flow from USD 12 billion at the beginning of the year to USD 8 billion. So far this year, SpotBTC ETF has been the main driving force for a large influx of funds into the encryption market.

JPMorgan's suspicion also stems from the high price of BTC relative to its production costs and the price of gold. Nikolaos Panigirtzoglou, the bank's cryptocurrency analyst, said that the bank's net flow estimate for this year has also decreased due to the recent decline in BTC reserves on various exchanges. The decline in BTC reserves over the past month is believed to be the result of continued selling pressure from Mt. Gox creditors and the German government, as well as widespread BTC liquidation. As mentioned earlier, JPMorgan predicts that this BTC sell-off will officially end in July, triggering a significant bullish rebound in August for BTC.

According to the bank's forecast, many cryptocurrency analysts and community members believe that the recent surge in BTC price is a strong continuation of the Bull Market.
A cryptocurrency analyst known as 'CryptoYoddha' on X (formerly Twitter) has revealed that the German government is preparing to sell its remaining BTC before the bull market. Despite actively selling off and subsequent market turbulence, the analyst notes that BTC still seems bullish.
About the ongoing BTC settlement
At the beginning of June, Mt Gox announced that it would repay creditors in July. Although this collapsed BTC exchange's decision to initiate its repayment process is good news for creditors, there is also potential anxiety about potential BTC selling.
As creditors steadily receive a portion of the 142,000 BTC worth approximately 9 billion US dollars from Mt. Gox, concerns in the market are somewhat justified, as widespread BTC sell-offs will have a significant impact on the price of Cryptocurrency. In addition to Mt. Gox's extensive BTC redistribution plan, the German government has also sold nearly 100% of the BTC seized from criminals.
These large-scale Cryptocurrency liquidations have significantly suppressed the price of BTC, causing a severe price drop and greatly delaying the anticipated BTC Bull Market. A Cryptocurrency analyst named 'Rekt Capital' stated that the BTC Bull Market based on the standard Halving cycle has already pumped 40.1%.