JPMorgan Analysts Project Bitcoin Could Reach $170,000 in 6-12 Months

Bitcoin could rise to approximately $170,000 over the next 6 to 12 months as leverage resets and its volatility improves relative to gold, JPMorgan analysts said. The team led by Managing Director Nikolaos Panigirtzoglou noted in a Wednesday report that the crypto market has pulled back around 20% from recent highs, with the sharpest decline occurring on Oct. 10 when the perpetual contract market witnessed the largest liquidation event in crypto history. A smaller-scale liquidation followed on Nov. 3, associated with further erosion of investor confidence after the Balancer protocol in the decentralized finance sector suffered a vulnerability exploit exceeding $120 million, reigniting concerns over protocol security.