Analysts at JPMorgan Chase have reported that the minimum support level for Bitcoin is currently at $94,000. In their view, this level defines the cost of mining the first cryptocurrency, which significantly impacts the asset’s price dynamics.
This is reported by Finway
Mining Costs as a Price Barrier
Experts at the bank, led by director Nikolaos Panigirtzoglou, noted that the significant increase in Bitcoin network difficulty over the past two months has led to higher mining costs. This, in turn, limits the potential for the asset’s price to drop below $94,000. The current market price of Bitcoin is around $102,300, and the ratio between price and mining cost is slightly above 1.0 — at the lower end of historical values.
“The cost of Bitcoin empirically serves as a minimum price barrier, so a cost of $94,000 indicates very limited downside from the current level of around $102,300.”
JPMorgan Chase also maintains a medium-term forecast for Bitcoin at $170,000 over a 6–12 month horizon. This figure is based on volatility and comparisons with gold. According to the bank’s calculations, Bitcoin’s market capitalization, currently at $2.1 trillion, should increase by another 67% to reach parity with $6.2 trillion in private investments in gold (ETFs, bullion, coins).
Other Experts’ Predictions for Bitcoin Prices
It is worth noting that in a previous analysis, JPMorgan Chase analysts assessed Bitcoin as significantly undervalued compared to gold, predicting a possible rise to $165,000 by the end of the year. However, according to Panigirtzoglou, due to recent liquidations and negative market sentiment, achieving this target in the short term is unlikely.
In August, the bank predicted Bitcoin would move to $126,000, and on October 6, the first cryptocurrency reached a historic high, exceeding $126,200. However, on October 10, the market experienced a significant wave of liquidations.
Analysts at Standard Chartered expect Bitcoin’s price to rise to $200,000 by the end of 2025, noting that traditional forecasting models based on halving are no longer effective due to the influence of ETFs and institutional demand. Canary Capital’s CEO, Steven McClurg, predicts a price increase to $150,000 due to heightened interest from large investors. SkyBridge Capital founder Anthony Scaramucci believes that by the end of 2025, Bitcoin could trade in the range of $180,000–$200,000.
Network economist Timothy Peterson anticipates reaching $160,000 by Christmas, comparing the current market situation to that of 2017. Tephra Digital specialists predict that Bitcoin could rise to $167,000–$185,000 by late 2025 or in the first half of 2026, based on correlations with gold and the M2 money supply. Entrepreneur and author Robert Kiyosaki also expects Bitcoin’s price to reach $200,000 by the end of 2025, emphasizing the role of psychology in financial success.
Despite the positive forecasts, on the night of November 14, Bitcoin’s price fell below $96,000, and the liquidation volume for the day exceeded $1.1 billion.