US-based investment bank JPMorgan has made a brave forecast for Bitcoin (BTC), predicting the asset to rise as high as $170,000 next year. In the short term, the bank’s analysts pegged BTC’s floor at $94,000, tipping the top cryptocurrency for an imminent rally in the coming weeks to recoup previous losses. A $94,000 Floor Will Be The Base For A Bitcoin Resurgence Wall Street giant JPMorgan has set a floor for Bitcoin amid a dizzying decline in the cryptocurrency over the last week. According to the firm’s analysts, the Bitcoin price will bottom at $94,000 before rising back to new all-time highs in 2026. For JPMorgan, the choice of $94,000 is not random, as the figure tallies with the average production cost of a single Bitcoin. Per the report, BTC’s production cost has historically indicated that the bottom for the asset in periods of a sell-off. “The bitcoin production cost has empirically acted as a floor for bitcoin, so a $94,000 production cost implies very limited downside to the current bitcoin price,” said JPMorgan’s analysts. CoinMarketCap data reveals that Bitcoin is trading at $95,000 after a tumultuous decline from its peak of $126,198 in October. A 24% decline in a month has since sparked whispers of a bear market, with JPMorgan jolting the ecosystem with its near-term forecast. The report predicted an imminent price spurt to previously unseen highs of $170,000 in 2026, reiterating previous mid-term predictions for the cryptocurrency. Analysts are pinning their forecasts on rising net inflows into Bitcoin ETFs, surging interest from crypto treasury companies like Strategy (formerly MicroStrategy). “While price action may be bearish for now, overall it has been a very good year for crypto in terms of regulation and institutional adoption,” said CoinGecko head of research Zhong Yang Chan. After years of maintaining a hawkish stance against the premier cryptocurrency, recent reports have indicated a reversal by JPMorgan. Meanwhile, several Bitcoin proponents have begun making a case for an imminent capital rotation from gold into Bitcoin. Eric Trump argues that Bitcoin’s position as “digital gold” and its ability to move value between borders give it an edge over physical bullion. Bitwise analysts predicted that a 5% capital rotation from gold into Bitcoin will send prices of the premier cryptocurrency to new highs close to $250,000.
https://bitcoinethereumnews.com/bitcoin/jpmorgan-calls-bitcoin-bottom-at-94000-unveils-170k-forecast-to-challenge-golds-dominance-%e2%8b%86-zycrypto/
