JPMorgan: Bitcoin correction is "significant but not bearish," crypto winter has not arrived

ChainCatcher reported that JPMorgan analysts stated that although bitcoin has experienced a significant pullback in the past month, the current market has not entered a "crypto winter," and the overall bull market cycle is not over.

The analysts pointed out that bitcoin once fell to $81,000 last month, with monthly performance 9% lower than at the beginning of the year, marking the first year-on-year decline since May 2023. However, while this pullback is "significant," it is not enough to represent a structural deterioration. As of Tuesday, bitcoin was trading around $93,000, down about 1.5% from its peak. The team emphasized that digital assets were temporarily boosted by sentiment after the election, and the subsequent more than 20% decline in market capitalization and weakening trading volume are both normal adjustments. Structurally, the scale of stablecoins has grown for 17 consecutive months, demonstrating "obvious resilience." JPMorgan believes that the traditional four-year cycle logic is weakening, and ETF investors are bringing a more stable capital structure to the market, making an 80% deep retracement increasingly unlikely. Standard Chartered Bank also stated in a research report that with the Federal Reserve's policy expectations turning dovish, "crypto winter may be a thing of the past."