JPMorgan Chase analysts expect that the price of Bitcoin could reach $170,000 within the next 6 to 12 months. This forecast is based on a comparison of Bitcoin to gold, as well as an analysis of the current market situation.
This is reported by Business • Media
Undervaluation of Bitcoin and Market Factors
Senior analyst Nikolaos Panigirtzoglou and his team explain that the recent corrections in the cryptocurrency market, which occurred on October 10-11 and November 4-5, 2025, were caused by an “unhealthy backdrop” in the derivatives market.
“JPMorgan Chase experts believe that the phase of debt reduction in the sector has ended, and the ratio of open interest to market capitalization has returned to normal levels.”
In their calculations, the bank uses a model that compares Bitcoin to gold. According to experts, Bitcoin attracts 1.8 times more risk capital than gold, indicating potential for further growth in capitalization and price.
Gold Volatility and Bitcoin’s Appeal
According to JPMorgan Chase analysts, Bitcoin’s market capitalization could increase by 60-70% from the current level of $2 trillion, which would correspond to a price of $170,000. It is also noted that the rise in gold volatility potentially makes Bitcoin more attractive as a hedge asset.
Currently, the Gold Volatility Index (GVZ) on the Cboe exchange stands at 20 points. This value is below the peak levels of mid-October 2025, but still higher than during the period from May to September. An annual value of 20 points indicates possible fluctuations in the price of gold within this percentage. In October, gold volatility rose to 30 points due to the escalation of the trade war between the U.S. and China, which led to increased demand for gold.
Experts also believe that the end of the quantitative tightening (QT) program by the U.S. Federal Reserve is unlikely to significantly impact global financial markets due to limited liquidity in the banking sector.