According to the source, JPMorgan analysts said the recent Bitcoin (BTC) decline was "meaningful" but they doubt a new crypto winter is starting, pointing to stabilization rather than an extended bear market. Source: JPMorgan analysts' research note referenced in the provided source post dated December 9, 2025. For traders, the bank's stance indicates lower risk of an imminent prolonged downturn versus a full-cycle capitulation, keeping near-term bias cautious but not decisively bearish. Source: JPMorgan analysts' conclusion as cited in the same source post.