In accordance with Criptonoticias, JP Morgan & Chase Co. has raised its price prediction for bitcoin (BTC), projecting it could reach $170,000 within the next six to twelve months. The new forecast is based on a comparison with the gold market and recent activity in futures markets. Analysts, led by Nikolaos Panigirtzoglou, noted a nearly 20% correction in the cryptocurrency market from recent highs, with a sharp decline around October 10 due to high-volume liquidations in perpetual futures. Despite this, the firm suggests that the deleveraging phase in perpetual futures appears largely over. The report also highlights that the volatility ratio between bitcoin and gold has dropped below 2.0, making BTC more attractive to investors. JP Morgan estimates that for bitcoin to match the private sector's investment in gold, its market cap would need to rise by nearly 67%, leading to a theoretical price of $170,000. This projection surpasses the firm's previous October forecast of $165,000 and implies a potential break in bitcoin's historical four-year cycle, where 2026 would typically be a bearish year.
JP Morgan Raises Bitcoin Price Prediction to $170,000 by 2026
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