Bitcoin's price is expected to fall post-halving as the event has already been factored into the current pricing, according to JPMorgan analysts.

"We do not expect bitcoin price increases post-halving as it has already been priced in," JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a report on Wednesday, reiterating their previous similar views. "In fact, we see a downside for the bitcoin price post-halving for several reasons," the analysts said.

These reasons include bitcoin still being in "overbought conditions," according to an analysis of open interest in bitcoin futures. Additionally, the bitcoin price is still well above JPMorgan's volatility-adjusted price of $45,000 compared to gold and remains above its projected production cost post-halving of $42,000, the analysts …