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Bitcoin remains in ‘overbought territory’ despite the past week’s correction, according to JPMorgan analysts.Last month, the analysts said the bitcoin price would likely drop to around $42,000 after the upcoming halving event.
Bitcoin may witness a sharp correction, primarily due to the significant amount of leverage still in play within the market.

Bitcoin could use a deeper dip to reset "bull market sustainability," some of the latest BTC price analysis concludes.

This opinion piece was written by Frank Chaparro, Host of The Scoop Podcast and Director of Special Projects.The article was first seen in Chaparro’s The Scoop newsletter.

Bernstein has raised its 2024 price target for bitcoin to $90,000 from $80,000.The analysts continue to see Bitcoin miners as the best equity proxy to the cryptocurrency, suggesting the halving impact seems “relatively mild.”

