Bitcoin Must Soar to $170k to Rival Gold’s Private Investment Clout—JPMorgan Analyst Reveals
Gold’s trillion-dollar throne faces a digital challenger—but Bitcoin’s got a mountain to climb.
JPMorgan’s latest analysis throws cold water on crypto maximalists: Bitcoin needs a 4x surge to $170,000 just to match gold’s private sector investment value. That’s right—your ‘digital gold’ still trades at peasant valuations compared to the ancient yellow metal.
The math doesn’t lie. With gold’s private investment market cap hovering near $3.4 trillion, Bitcoin’s current $700 billion valuation looks like pocket change. Wall Street’s message? Wake us when you’ve got the receipts.
Funny how traditional finance suddenly cares about ‘store of value’ metrics—just as their clients start demanding crypto exposure. Maybe those vaults full of bullion aren’t looking so shiny anymore?
JPMorgan has predicted a parabolic rally for Bitcoin (BTC) in the next 6-12 months. According to Nikolaos Panigirtzoglou, a strategist at JPMorgan, the Bitcoin price would need to rally towards $170,000 to match Gold’s private investment value.
Since hitting $4,377 per ounce, the gold price has dropped around 10% and formed a potential reversal pattern. On the other hand, Panigirtzoglou believes that the 20% BTC price drop from its all-time high in the past few weeks is largely attributed to ‘heavy deleveraging in futures and fallout from a $128 million crypto theft’.
Why is Bitcoin Price Likely to Rebound In The Midterm?
Technical Tailwind: BTC Price Retest Critical Support Level
From a technical analysis standpoint, the bitcoin price is currently retesting a crucial bull market support level. Following the recent BTC price drop, it has retested and rebounded a daily support level formed earlier this year after acting as a resistance level in 2024.
In the weekly timeframe, BTC price has retested the 50 Simple Moving Average (SMA), which has acted as a support level during this bull market. As such, market analyst alias Rekt Capital believes that Bitcoin’s bull run is at a make-or-break moment.
#BTC
Bitcoin has dropped into the 50-week EMA (purple)
And this is where Bitcoin needs to develop a cluster of Lower Lows in the price action and also in the RSI = 44.5 (green) if price wants to reverse from here$BTC #Crypto #Bitcoin https://t.co/74Ta0kRGuU pic.twitter.com/Iz7Zv2rk0A
Renewed Demand amid Supportive Macro Backdrop
Since bitcoin price teased below $100k, on-chain data analysis shows a renewed demand as traders buy the dip. According to market data analysis from CryptoQuant, Binance’s hourly Bitcoin’s Net Taker Volume dropped to negative 53 million. Notably, a deep negative print indicates aggressive selling but it has historically marked local bottoms.
Meanwhile, Bitcoin addresses with a balance of between 1k and 10k have purchased 10k BTCs during the past 24 hours to currently hold 4.22 million coins.
