Cryptocurrency markets suffered a pointy correction up to now week with the value of bitcoin (BTC) falling by over 15% earlier than rebounding after the Federal Open Market Committee (FOMC) assembly on Wednesday. The sell-off will not be over as positioning nonetheless seems to be overbought, JPMorgan (JPM) stated in a analysis report Thursday.“There stays appreciable optimism out there over the prospect for costs rising considerably by year-end, with a significant factor of that optimism arising from a view that bitcoin demand through spot exchange-traded funds (ETFs) would proceed on the similar tempo whilst the provision of bitcoin diminishes after the halving occasion,” analysts led by Nikolaos Panigirtzoglou wrote.Nevertheless, the financial institution notes that the tempo of web inflows into spot bitcoin ETFs has slowed significantly, with a big outflow recorded up to now week.“This challenges the notion that the spot bitcoin ETF circulation image goes to be characterised as a sustained one-way web influx,” the authors wrote.“In reality, as we method the halving occasion this profit-taking is extra more likely to proceed, notably towards a positioning backdrop that also seems to be overbought regardless of the previous week’s correction,” the report stated.