Bitcoin Slides Below $95K as JPMorgan Predicts a Major Price Rebound Toward $170K

Bitcoin faced a sharp wave of selling pressure after plunging below $95,000 for the first time in six months, triggering widespread liquidations and renewed market fear. Despite the downturn, JPMorgan analysts believe the cryptocurrency has already reached its bottom, setting the stage for a potential recovery that could eventually push Bitcoin toward gold’s massive $28.3 trillion market valuation.

According to a recent analysis highlighted by Forbes, JPMorgan’s research team, led by Managing Director Nikolaos Panigirtzoglou, has pinpointed $94,000 as the new Bitcoin price floor. Their projection is based on Bitcoin’s rising production costs, which have climbed from $92,000 to $94,000 due to increasing mining difficulty. As miners respond to higher difficulty levels by boosting hash power, the marginal cost of mining each BTC rises. Historically, JPMorgan notes that Bitcoin’s mining cost has consistently acted as a price floor during market downturns.

With the spot price now nearly equal to production costs, miners are experiencing thin margins, reducing their incentive to sell at lower levels. Analysts argue this dynamic significantly limits further downside pressure, reinforcing $94,000 as a strong support zone.

Looking ahead, JPMorgan expects a sharp rebound. The firm projects Bitcoin could climb to around $170,000 within the next 6–12 months. This bullish outlook stems from Bitcoin’s improving volatility ratio relative to gold, which has fallen below 2.0. With Bitcoin currently exhibiting only 1.85 times the risk of gold, analysts argue the cryptocurrency is undervalued. To close the valuation gap, Bitcoin’s market cap would need to increase by roughly 60%–70%, aligning with a theoretical price target near $170,000.

Prominent voices in the crypto space echo this long-term optimism. MicroStrategy co-founder Michael Saylor recently forecasted Bitcoin surpassing gold’s market cap by 2035, while former Binance CEO Changpeng Zhao has also predicted Bitcoin will eventually overtake gold, even if the exact timeline remains uncertain.