TechFlow news, November 6 — JPMorgan analysts said that as leverage resets and Bitcoin's volatility relative to gold improves, Bitcoin could rise to around $170,000 in the next 6 to 12 months.
The analysts noted that the deleveraging phase in perpetual futures has largely ended, with the ratio of Bitcoin perpetual futures open interest to market cap returning to historical norms, and the Ethereum market is showing a similar trend. Additionally, rising gold volatility has made Bitcoin more attractive on a risk-adjusted basis for investors, with the ratio of Bitcoin-to-gold volatility falling below 2.0. Based on this, Bitcoin's market cap would need to grow by nearly 67% to match total gold investment, implying that Bitcoin is currently trading about $68,000 below fair value and could see significant upside in the next 6–12 months.
