JPMorgan Analysts Project Bitcoin to Hit $170,000
- JPMorgan predicts Bitcoin BTC -3.39% reaching $170,000 within 6-12 months.
- Forecast grounded on normalization after leverage event.
- Bitcoin viewed undervalued compared to gold historically.
JPMorgan analysts, led by Nikolaos Panigirtzoglou, predict Bitcoin could reach $170,000 within 6 to 12 months due to normalization post-deleveraging and favorable gold comparison.
Such projections highlight significant market dynamics influencing Bitcoin’s valuation, potentially impacting investor strategy and market sentiment in crypto’s evolving landscape.
JPMorgan analysts forecast that Bitcoin could surge to $170,000 within 6 to 12 months. The prediction attributes potential growth to the normalization of leverage in Bitcoin derivatives following a notable market correction and perpetual futures liquidation.
The analysis, led by Nikolaos Panigirtzoglou, emphasizes Bitcoin’s favorable comparison to gold on a risk-adjusted basis. Additionally, Eric Balchunas of Bloomberg highlighted this projection, stressing JPMorgan’s view that Bitcoin remains historically undervalued versus gold.
Normalization after a major deleveraging event and a favorable comparison to gold on a risk-adjusted basis suggests significant potential upside for Bitcoin. – Nikolaos Panigirtzoglou, Managing Director, Global Markets Strategy at JPMorgan.
The prediction comes after a significant leverage reduction in Bitcoin markets, initially triggered by a perpetual futures liquidation. Stabilization and modest ETF outflows indicate a return to confidence, contrasting with heavy inflows recorded in October 2025.
The financial implications extend beyond Bitcoin, with Ethereum ETH -5.20% also experiencing less severe derivatives market impacts. On-chain data shows that the ratio of open interest in Bitcoin futures to market capitalization has normalized, affirming that leverage concerns are receding.
Analysts suggest the current market conditions mirror past cycles when similar risk-adjusted valuations against gold led to notable Bitcoin rallies. An associated DeFi hack, notably affecting Balancer, contributed to previous market stress, but has since subsided.
While direct regulatory responses are absent, market analysts focus on systemic trends rather than specific technological advancements or protocol developments. Long-term forecasts hinge on macroeconomic factors, absent significant developments in DeFi governance or altcoin sectors.
