JPMorgan: Bitcoin pullback "significant but not a bear market reversal," crypto winter is not yet here.

According to Odaily Planet Daily, JPMorgan analysts stated that although Bitcoin has experienced a significant pullback in the past month, the market has not yet entered a "crypto winter," and the overall bull market cycle is not yet over.

Analysts pointed out that Bitcoin fell to $81,000 last month, a 9% drop from the beginning of the year, marking its first year-over-year decline since May 2023. However, while this pullback was significant, it was insufficient to indicate a structural deterioration. As of Tuesday, Bitcoin was trading around $93,000, a pullback of approximately 1.5% from its peak.

The team emphasized that digital assets were initially boosted by sentiment after the election, and the subsequent decline in market capitalization of over 20% and weakening trading volume were normal adjustments. Structurally, the size of stablecoins has grown for 17 consecutive months, demonstrating "significant resilience."

JPMorgan Chase believes the traditional four-year cycle logic is weakening, and ETF investors are bringing a more stable funding structure to the market, making deep drawdowns of 80% increasingly unlikely. Standard Chartered Bank also stated in a research report that with the Federal Reserve's policy expectations shifting towards easing, "the crypto winter may be over." (Decrypt)