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JPMorgan analysts see Bitcoin hitting $170K in 6–12 months.
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The projection is based on its volatility-adjusted ratio to gold.
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Analysts say futures deleveraging is largely complete.
Analysts See Market Recovery After October Selloffs
According to JPMorgan’s research team led by Nikolaos Panigirtzoglou, Bitcoin could climb to around $170,000 over the next 6 to 12 months. The bank cites a completed deleveraging phase and improving volatility trends versus gold as key drivers.
Deleveraging Phase ‘Likely Behind Us’
The analysts said that crypto markets have already endured the steepest correction since early 2024, following record liquidations in perpetual futures on Oct. 10 and smaller selloffs on Nov. 3. They added that the open interest ratio in Bitcoin futures has returned to historical norms, indicating that leverage has reset.
Bitcoin vs. Gold Correlation Strengthens
As gold’s volatility rises, Bitcoin’s risk-adjusted appeal has grown. JPMorgan’s models show Bitcoin’s current valuation is about $68,000 below its fair value compared to gold. Matching gold’s private-sector investment levels would imply a market cap near $3.5 trillion, or roughly $170,000 per BTC.
Upside Outlook Remains Strong
Bitcoin is currently trading around $103,000, and analysts believe that with reduced leverage and strong ETF inflows, the setup supports a sustained rally. They conclude that “the mechanical adjustment implies significant upside” for Bitcoin through mid-2026.
