Banking Giant JPMorgan Chase Issues Massive Bitcoin Price Forecast, Says Top Crypto Asset Now Appears Undervalued Compared to Gold

By Daily Hodl Staff

Banking giant JPMorgan Chase believes Bitcoin is now undervalued after the asset’s major pullback in October.

In a new note to clients that’s gone viral on X, JPMorgan strategist Nikolaos Panigirtzoglou highlights Bitcoin’s sharp decline, falling over 20% last month to $99,000.

The drop followed a peak of $126,000, fueled by heavy deleveraging in futures markets.

Since then, Panigirtzoglou says leverage levels have returned to normal, with the reset making BTC appear cheap compared to gold on a volatility-adjusted basis.

At this point, the strategist says that to match gold’s value in private investments, Bitcoin would need to climb two-thirds higher.

That targets a price of $170,000.

Panigirtzoglou says his price target is backed by his belief that the futures unwinding is complete, suggesting Bitcoin’s near-term outlook is more stable.

BTC is priced at $101,906 at time of publishing, down 0.36% in the last 24 hours.

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Featured Image: Shutterstock/Tithi Luadthong/Edilus