Bitcoin Price (BTC) Outlook: JPM Sticking With $170K Target
JPMorgan maintains its $170,000 Bitcoin price target based on its gold-linked model despite recent market plunges.Summary
Despite Bitcoin's recent sharp decline to around $91,200, JPMorgan analysts, led by Nikolaos Panigirtzoglou, are maintaining their volatility-adjusted BTC-versus-gold model target of approximately $170,000 over the next six to twelve months. A key focus is MicroStrategy (MSTR), the largest corporate holder of Bitcoin, whose enterprise value-to-bitcoin holdings (mNAV) ratio remains above 1.0, suggesting low forced-selling risk. JPMorgan also noted that the MSCI index decision on January 15 presents an asymmetric catalyst for MSTR. Furthermore, the bank reduced its Bitcoin production-cost estimate to $90,000 from $94,000 following recent drops in hashrate and mining difficulty, linking the broader pullback partly to renewed pressure on Chinese mining operations.
(Source：CoinDesk)