JPMorgan Chase experts believe Bitcoin may climb to $170,000 over the next 6–12 months, calling it undervalued compared to gold.
According to a new report cited by CoinDesk, JPMorgan Chase strategists — led by senior analyst Nikolaos Panigirtzoglou — see significant upside potential for Bitcoin once current market corrections settle. The team attributes the recent 10–11% drawdowns in October and early November to an “unhealthy derivatives backdrop,” noting that the deleveraging phase in crypto markets appears to have ended.
They pointed out that open interest relative to market capitalization has now normalized, creating conditions for renewed momentum.
Much like in their previous analyses, JPMorgan’s experts used a model comparing Bitcoin to gold. They concluded that the leading cryptocurrency currently absorbs about 1.8 times more risk capital than gold, implying its total valuation should be proportionally higher.
That model suggests a 60–70% increase from Bitcoin’s current $2 trillion market cap — meaning the price could reach approximately $170,000 in the coming months.
Analysts also highlighted rising gold volatility, which could make Bitcoin a more appealing hedge asset for institutional investors.
The Cboe Gold Volatility Index currently sits around 20 points — low compared to mid-October peaks, but still higher than levels seen from May through September. A 20-point annual volatility means gold prices could swing by that percentage within a year. During October’s U.S.–China trade tensions, the index spiked above 30 due to increased demand for safe-haven assets.
JPMorgan analysts added that the Federal Reserve’s expected end to its quantitative tightening (QT) program is unlikely to have a major global liquidity impact — a factor that could further support Bitcoin’s appeal as an alternative store of value.
