Analysts at the bank have shared a new forecast for the crypto market in a research note. They suggest that the market should begin to see liquidations subside this month.
This bullish projection comes at a time when crypto markets continue to hover in the red following a tough June. The market has also reacted strongly to the news of imminent Mt.Gox repayments.
As of now, BTC is trading around $57,330, showing a decrease of more than 13% in the past month. In recent weeks, Bitcoin has been hovering near support zones, with analysts indicating that bears might aim for the $50,000 area.
After this, Bitcoin and the broader crypto market might begin to rise. However, JPMorgan has revised its net flow estimates down to $8 billion, expressing skepticism about the previous projection of $12 billion.
This decline in Bitcoin reserves could be attributed to liquidations, mainly by Gemini or Mt. Gox creditors.
Additionally, the German government, which held 50,000 BTC seized from a piracy site, has conducted an extensive dump over the past few weeks. When the Germany police seized the BTC from Movie2k, its value was about $2 billion, which has since risen to reach $3.6 billion.
