JPMorgan predicts that any rebound in cryptocurrency markets in the near future will likely be tactical and not a new long-term bullish uptrend. This is due to the high price of bitcoin compared to its production cost and volatility-adjusted comparison to gold. The bank expects liquidations to subside this month and looks for a rebound in Chicago Mercantile Exchange bitcoin futures positioning into August. Both bitcoin and gold are expected to benefit from the higher likelihood of a Trump election win, as a second Trump presidency is seen as more friendly towards crypto companies and regulations.