Bitcoin Has “Significant Upside” to $170K, JPMorgan Tells Clients

JPMorgan analysts see Bitcoin climbing to approximately $170,000 within six to twelve months as perpetual futures deleveraging appears complete and the crypto’s volatility ratio versus gold improves to more favorable ￰0￱ currently trades near $101,000, down 1.6% in the past 24 ￰1￱ bank’s strategists, led by Managing Director Nikolaos Panigirtzoglou, noted in a Wednesday report that crypto markets corrected nearly 20% from recent peaks following record liquidations in perpetual futures on October 10 , the largest in crypto history, followed by smaller liquidations on November 3, triggered by the $128 million Balancer ￰2￱ predicting bitcoin at $170k in next 6-12mo, says perp deleveraging is behind us and that's it undervalued vs gold historically, which implies "significant upside next 6-12mo" ￰3￱ — Eric Balchunas (@EricBalchunas) November 6, 2025 JPMorgan: Bitcoin Deleveraging Phase Now Complete Despite consecutive selloffs, JPMorgan analysts concluded that the deleveraging phase in perpetual futures has largely come to an ￰4￱ ratio of open interest in bitcoin perpetual futures to market capitalization fell from above-average levels back to historical norms within weeks, with similar patterns visible in Ethereum markets, though less pronounced there. “ Overall, we believe that perpetual futures are the most important instruments to watch in the current juncture, and the message from the recent stabilization is that deleveraging in perpetual futures is likely behind us, ” the analysts ￰5￱ added that while exchange-traded funds saw modest redemptions recently, these paled compared with inflows during the weeks ending October 3 and October ￰6￱ analysts also observed opposite dynamics in CME futures, where Ethereum experienced more liquidations than Bitcoin ￰7￱ analysis points to perpetual futures as the critical barometer for current market conditions rather than traditional futures or ETF ￰8￱ Volatility Makes Bitcoin More Attractive Rising gold volatility has enhanced Bitcoin’s appeal to investors on a risk-adjusted basis , according to JPMorgan’s ￰9￱ bitcoin-to-gold volatility ratio drifted below 2.0, implying Bitcoin currently consumes about 1.8 times more risk capital than gold.) November 6, 2025 Wurster explained that most investors prefer exchange-traded products as “ a safe and comfortable way for them to invest ” rather than interacting directly with blockchain networks. “ We have lots of clients who have the vast majority of their assets at Schwab but are holding some at digitally native firms and keep asking us to launch this so they can bring their crypto assets to us, ” he ￰10￱ Bulls Point to Historic Cycle Patterns Fundstrat Global Advisors’ CIO, Tom Lee, has also recently characterized recent market weakness as liquidity-driven rather than fundamental. “ The bitcoin dip wasn’t about fundamentals—it was liquidity plus shutdown plus funding stress plus the October 10th deleveraging ,” Lee said, adding that confidence needs “ a couple more weeks to rebuild” but there’s “no systemic damage and no FTX-style contagion this time. “ THE BULL MARKET DIDN’T END — IT JUST RESTARTED Tom Lee just laid it out clearly that the #Bitcoin dip wasn’t about fundamentals — it was liquidity + shutdown + funding stress + the October 10th deleveraging.

It's not a structural ￰11￱ says confidence takes a couple… ￰12￱ — CryptosRus (@CryptosR_Us) November 7, 2025 Notably, Cathie Wood’s Ark Invest has also recently lowered its most bullish Bitcoin forecast to $1.2 million by 2030 from $1.5 million, citing faster-than-expected stablecoin ￰13￱ WOOD CUTS BITCOIN BULL CASE ON STABLECOIN GROWTH Ark Invest’s Cathie Wood has lowered her most bullish bitcoin forecast, citing the rapid rise of ￰14￱ now sees bitcoin reaching $1.2 million by 2030, down from $1.5 million, as stablecoins take on roles she once… — *Walter Bloomberg (@DeItaone) November 6, 2025 However, Wood remains optimistic about Bitcoin’s long-term trajectory, emphasizing growing institutional adoption and its role as a new global monetary system. “ It could at least be half ” of gold’s value, Wood said , noting institutions “ have just dipped their toes into this space. “ Mexican billionaire Ricardo Salinas also predicted Bitcoin will rise eight times to over $1 million “ very shortly ” to match gold’s $16 trillion private investment value. “ Bitcoin is a new global reserve ￰15￱ will surpass gold ,” Salinas stated, expressing “ no doubts that it will happen very shortly. “