"Bitcoin’s cost of production has dropped from about $24,000 at the start of June to around $13,000 now, which may be seen as a negative for pricing, according to JPMorgan Chase & Co.
Not sure if I'm missing something, but assuming that their calculations are correct, why having a lower production cost than its current value in the market is "seen as a negative for pricing" while there's still enough room for profits?
They also say it could be seen as an obstacle to price gains."
Can someone explain to me how it could "directly" have a negative impact on price gains?