Bitcoin's recent retreat might not be over yet, according to analysts at JPMorgan Chase. Though the cryptocurrency took a 10% tumble from its peak, JPMorgan warns there's more downside potential before the anticipated halving event in April. This event cuts the supply of new Bitcoins miners can create.

Adding to the bearish sentiment, demand for spot Bitcoin ETFs is cooling down. These exchange-traded funds recently saw their biggest outflows since launch. Bitcoin is also on track for a rough week, currently trading around $65,400, down 4%.

JPMorgan points to high open interest in Bitcoin futures contracts alongside the ETF outflow as signs of a potential price drop. Their strategists believe profit-taking is likely to continue, especially since Bitcoin still seems "overbought" despite the correction.

Last month, JPMorgan predicted a decline towards $42,000 after April, as the halving hype fades. Retail investor enthusiasm might also be dampening. Naeem Aslam, from Zaye Capital Markets, notes the lack of a strong rally following the all-time high, raising concerns about the momentum. He warns that if the halving doesn't maintain the upswing, a significant drop below $50,000 could be on the horizon.

However, not everyone is bearish. Investment firm Bernstein upped its year-end Bitcoin price target to $90,000, despite the recent dip. They cite the recent price surge and positive response to spot ETFs as reasons for optimism.

Bernstein analysts highlight factors like the potential start of a new bull cycle, strong ETF inflows, and booming miner revenues, making Bitcoin miners attractive for investors seeking crypto exposure. They also adjusted their forecast for the upcoming halving event.