JPMorgan Predicts Bitcoin Rebound to $170K as Perp Market Selling Pressure Ends
- JPMorgan analysts forecast Bitcoin could reach $170,000 within the next 6 to 12 months.
- The selling pressure in Bitcoin’s perpetual futures market is stabilizing, indicating a potential shift from correction to accumulation.
- Bitcoin’s current market capitalization is approximately $2.1 trillion, needing a two-thirds increase to align with its fair value compared to gold.
- The bank’s model suggests Bitcoin requires about $6.2 trillion in risk capital, implying significant upside potential.
- Despite this bullish outlook, Bitcoin has struggled to maintain levels above $103,000 since November.
JPMorgan’s analysis highlights that the worst of the selling phase in perpetual futures appears over, which may support new buying momentum for Bitcoin. The firm’s target price reflects a substantial upside based on comparative models with gold.
With a projected fair value of around $68,000 above its current level, Bitcoin’s price could potentially rise significantly if market conditions stabilize.(Source)
