JPMorgan Maintains $170,000 Bitcoin Price Target Despite Recent Pullback

JPMorgan continues to project a theoretical Bitcoin price of approximately $170,000 within 6 to 12 months under its volatility-adjusted Bitcoin versus gold model, according to a Wednesday report. The bank noted that Strategy remains a key driver for Bitcoin markets, with its enterprise value to Bitcoin holdings ratio (mNAV) currently at 1.13; a drop below 1.0 would signal potential forced selling risks, though the current level provides reassurance with $1.4 billion in reserve capital serving as a buffer. The analysts highlighted MSCI's January 15 index decision as an asymmetric catalyst, noting most downside from potential exclusion was reflected in the decline since October 10, while a favorable outcome could trigger sharp gains. Bitcoin has declined from its all-time high above $120,000 to lows near $82,000 in recent weeks, prompting JPMorgan to lower its production cost estimate from $94,000 to $90,000 due to reduced hashrate and mining difficulty.