JPMorgan’s team of analysts has published a rather surprising note that favors Bitcoin over gold.
They have cited an improved risk-reward profile for the leading cryptocurrency.
Extremely oversold?
The bank’s bullish thesis is mainly based on the difference between Bitcoin’s current price and the estimated production cost.
The product cost, which currently stands at $87,000, typically acts as a soft floor for the price of the leading cryptocurrency.
Earlier today, however, the leading cryptocurrency collapsed to an intraday low of $68,068.
This essentially means that the cryptocurrency could be on the cusp of bottoming out.
JPMorgan has noted that Bitcoin's liquidations have been rather modest.
At the same time, the bank's analysts did mention the persistent outflows recorded by Bitcoin exchange-traded funds (ETFs) as a possible headwind.
Still bullish?
As reported by U.Today, JPMorgan predicted that the leading cryptocurrency would surge to new record highs in 2026. It argued that BTC could reach $170,000 if it were to be valued like gold.
It argued that the leading cryptocurrency had become "undervalued" against gold after underperforming throughout much of 2025.
With Bitcoin now struggling to hold the $80,000 line, the gap between current reality and JPMorgan’s $170,000 target is widening. For the bank's prediction to hold true, Bitcoin would need to stage an unprecedented reversal and more than double in value in the remaining months of the six-month window.
Alex Dovbnya
Godfrey Benjamin
Dan Burgin
Gamza Khanzadaev