The bank's forecast for next year is "cautious," taking into account many factors. In particular, they pointed out the potential for excessive excitement that could eventually work against Bitcoin. This has led to overbought conditions for the asset on the market, which has already factored in the upcoming halving event.
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JP Morgan predicted that Ethereum (ETH) will surpass Bitcoin (BTC) in 2024, alongside a "cautious" forecast for the development of the crypto industry next year. This forecast was made despite the upcoming halving event, which will reduce the number of bitcoins in circulation.
JP Morgan emphasized that "excessive optimism" could work against Bitcoin next year. Additionally, the institution's analysts noted that the event related to cutting miners' rewards in half is "largely priced in" to the current asset value. Therefore, they do not expect huge profits in the coming year, as reported by Watcher.Guru.
Throughout much of 2022 and the beginning of this year, Bitcoin has been fighting for its place in the mainstream. Indeed, the entire industry survived a cryptocurrency winter, causing many concerns about its ability to recover. Now, as 2024 approaches, the excitement surrounding this asset has never been higher.
Anticipation of a potential approval of an exchange-traded fund (ETF) and the future halving have raised positive sentiment about its potential. However, one bank is not as optimistic about the overall positive indicators of cryptocurrency for the next year. According to JP Morgan, Ethereum may emerge as a more productive asset in 2024.
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