JPMorgan Chase: Maintains its price forecast for Bitcoin to reach $170,000 within 6-12 months.

According to Odaily Planet Daily, JPMorgan analysts stated that Bitcoin's ever-increasing production costs (currently estimated at around $94,000) have historically acted as a price floor, meaning there is limited room for further decline from current levels. The analysts reiterated their prediction from last week, based on a volatility-adjusted comparison between Bitcoin and gold, that Bitcoin's price would rise by approximately $170,000 over the next 6-12 months. They stated that Bitcoin currently consumes about 1.8 times the risk capital required for gold. Based on this calculation, Bitcoin's market capitalization of approximately $2.1 trillion would need to increase by about 67%.