JPMorgan dismantles the bullish argument for bitcoin, calling the crypto rally overdone

• The latest crypto rally is “rather overdone,” JPMorgan wrote in a note this week.
• The possible launch of bitcoin spot ETFs in the US is unlikely to bring in fresh capital.
• Meanwhile, next year’s bitcoin halving event is already priced in, the analysts said.

With high hopes that bitcoin can finally rocket towards a new high, long-term investors are hoarding the token at historic levels. 

Yet, the factors driving crypto bullishness — such as impending approval of spot ETFs and the coin’s upcoming halving — may end up having little impact on the token, JPMorgan analysts wrote on Wednesday.