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JPMorgan analysts predict that the bitcoin price will drop to $42,000 after halving, citing reduced miner rewards and higher production costs.The Bitcoin mining industry is expected to further consolidate, with larger miners surviving, according to the analysts.
Bitcoin’s price surge has pushed the market to extreme greed phase.
U.S. spot bitcoin ETFs reached a record net inflow of more than $673 million on Wednesday as the price of bitcoin soared to a high of $64,000.Daily volume also reached the highest levels since the ETFs launched — generating over $7.6 billion in trading yesterday.
The bitcoin price has held above the $62,000 mark in the past 24 hours.The latest rally has impacted short positions, with over $169 million in bitcoin shorts liquidated.
Many meme coins have charted massive gains in the past 24 hours.
After making millions of gains from PEPE, a whale decided to SHIB. The AO, alongside the Supertrend, supported SHIB’s rise to $0.000015. Capital rotation and profit-taking could drive PEPE down to $0.0000027.
