JPMorgan sees bitcoin support at $94,000, keeps $170,000 upside case intact
JPMorgan analysts set Bitcoin's support level at $94,000 based on production costs, while maintaining a $170,000 upside target.Summary
JPMorgan analysts, led by Nikolaos Panigirtzoglou, estimate that Bitcoin's support price is around $94,000, driven by the rising estimated production cost due to increased network difficulty. This cost has historically acted as a floor, implying limited downside from the current price of about $102,300.
Concurrently, the firm reiterated its 6-to-12-month upside projection for Bitcoin at approximately $170,000. This target is derived from comparing Bitcoin's volatility-adjusted risk capital consumption to that of gold; achieving parity with gold's private-sector investment market cap would require Bitcoin's market cap to rise by about 67%.
Previous projections, such as $165,000 by year-end, have been tempered by recent market events, though earlier estimates of $126,000 were briefly surpassed before a major liquidation event in October.
(Source：The Block)