JPMorgan sees bitcoin price reaching about $170,000 within the next 6 to 12 months

JPMorgan analysts, led by Nikolaos Panigirtzoglou, project that Bitcoin's price could rise to approximately $170,000 over the next six to twelve months. This forecast follows recent market corrections, including record liquidations in perpetual futures on October 10th and subsequent smaller selloffs, which they believe have largely completed the deleveraging phase. The positive outlook is primarily driven by the improving risk-adjusted attractiveness of Bitcoin compared to gold, as the bitcoin-to-gold volatility ratio has decreased. Based on this ratio, JPMorgan estimates that Bitcoin's current market capitalization would need to increase by nearly 67% to match the total private-sector investment in gold, implying a theoretical price near $170,000, suggesting significant upside from its current trading level near $103,000.

(Source：The Block)