This is regime disagreement. You could say McGlone’s framework is deflationary reversion which is a macro unwind thesis while JP Morgan has a capital flow thesis. McGlone seems to be saying that risk assets peaked and #Bitcoin trades like a high beta tech stock. So liquidity will continue to drain and that results in bitcoin revisiting prior deep support. JP Morgan, on the other hand, seems to be modeling what if gold flows rotate into bitcoin, or if institutional allocation increases marginally. Float is thin relative to capital pools, which means you don’t need everyone, just an incremental flow into a scarce asset. Liquidity contracts + risk rolls over hard + structural bid failure = McGlone. Monetary expansion + capital rotation + no systemic credit shock = JP Morgan. All this being as it is, it’s best to view JP Morgan’s price target as more of a narrative anchoring meant to shape expectations rather than a precise target forecast.