JPMorgan sees bitcoin support near $77,000, remains ‘positive’ on crypto in 2026

JPMorgan analysts report that their estimated Bitcoin production cost, which acts as a soft price floor, has decreased to $77,000 from $90,000 at the start of the year due to recent declines in network hashrate and mining difficulty. This difficulty drop, the steepest since China's 2021 ban, was caused by unprofitable higher-cost miners shutting down and US winter storms curtailing power. The analysts believe this exit of higher-cost miners has stabilized the market, and a rebound in hashrate suggests difficulty and production costs will soon increase. Looking ahead, JPMorgan remains "positive in crypto markets for 2026," expecting institutional investor flows to drive growth, potentially aided by regulations like the Clarity Act. They also maintain a long-term Bitcoin target of $266,000 based on a volatility-adjusted comparison to gold.

(Source：The Block)