The cryptocurrency market and specifically Bitcoin would experience a new boost in the month of August, according to JPMorgan analysts.

Currently, the main cryptocurrency on the market is facing bearish pressure that has prolonged a reduction in its value. But, this could change in August, allowing a recovery to get closer to $60,000.

This positive analysis was presented by Nikolaos Panigirtzoglou who, together with his team of researchers, highlighted that “net flows for Bitcoin could be reduced in the coming weeks, which would cause a significant amount of BTC to leave exchanges and go into private wallets, thus relieving sales pressure.”

Just to his team, the specialist highlighted that “the reduction in the estimated net flow is largely due to the decrease in Bitcoin reserves on exchanges during the last month.”

The downward pressure facing the cryptocurrency is driven by Bitcoin liquidations by creditors of the Gemini exchange, the Mt. Gox compensation process, in addition to “the continued sales made by the German government through major exchanges, this to “dispose of funds obtained after a large-scale seizure.”

M.Pino

Source: diariobitcoin

(Reference image source: Unsplash+, in collaboration with Getty Images)

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La entrada JPMorgan predicts a boost in the value of Bitcoin in August apareció primero en Bitfinance.