According to JPMorgan analysts, an analysis of open interest in Bitcoin futures suggests the liquidation of long positions is in its final phase. According to them, for this reason the risks of a further fall in quotes seem negligible. Experts have associated the August correction, “which reversed the post Securities and Exchange Commission (SEC) versus Ripple court decision rally,” with “broader correction in risk assets such.” The latter was driven by “a ‘frothy positioning’ in tech stocks, higher US real yields and growth concerns about China.” News that Elon Musk’s SpaceX may dump Bitcoin was “an additional catalyst.” Analysts at Pantera Capital have previously forecast the BTC price to grow to $35,000 on the eve of halving and $147,800 post-halving in the future.
