Analysts from the American bank JPMorgan Chase have released a new forecast regarding the price of Bitcoin, suggesting that the value of the first cryptocurrency could reach $170,000 within the next 6 to 12 months.
This is reported by Finway
JPMorgan Chase Forecast: Bitcoin as an Undervalued Asset
The bank’s specialists emphasize that Bitcoin remains undervalued compared to gold. According to senior analyst Nikolaos Panigirtzoglou and his team, the cryptocurrency absorbs 1.8 times more risk capital than the precious metal, which is expected to positively impact both its market capitalization and price.
In their analysis, JPMorgan Chase experts rely on a model that compares Bitcoin to gold. They note that after recent corrections in the derivatives market in October and November 2025, the situation has stabilized, and the ratio of open interest to capitalization has returned to normal levels.
“The deleveraging phase in the sector has ended, and the ratio of open interest to capitalization has returned to normal.”
Gold Volatility and Its Impact on Bitcoin
Analysts also point to the rising volatility of gold, which may make Bitcoin a more attractive asset for hedging. On the Cboe exchange, the Gold Volatility Index is currently at 20 points — below the peak values of mid-October, but above the figures from May to September 2025. A value of 20 points indicates that the price of gold may fluctuate within this range.
Mid-October saw a sharp spike in volatility to 30 points and above amid escalating trade tensions between the U.S. and China. This situation was driven by increased demand for the precious metal.
According to experts’ calculations, a 60-70% increase in Bitcoin’s market capitalization from the current level of $2 trillion would allow it to reach a price target of $170,000 per unit.
Experts also note that the conclusion of the quantitative tightening (QT) program by the U.S. Federal Reserve is unlikely to have a significant impact on global financial markets due to the limited liquidity in the banking sector.