JPMorgan Bitcoin Price Prediction: Could Surge 65% to Match Gold

JPMorgan Bitcoin Price Prediction: $170K Target After Futures Sell-Off

Bitcoin’s sharp October sell-off has caught analysts’ attention, with JPMorgan suggesting the cryptocurrency now appears undervalued compared to gold’s investment value.

JPMorgan Bitcoin Price Prediction Compared To Gold Value

BTC's steep decline in October has drawn attention from Wall Street analysts, with JPMorgan strategist Nikolaos Panigirtzoglou suggesting the world’s largest cryptocurrency now looks undervalued compared to gold. 

The strategist believes the recent sell-off has largely played out, leaving BTC in a more stable position for the near term.

Over 20% Drop Triggered by Futures Deleveraging and Crypto Theft

According to JPMorgan’s analysis on BTC, the 20% drop in October—from a high of $126,000 to around $102000—was mainly driven by heavy deleveraging in futures markets and the impact of a $128 million crypto theft. 

Futures deleveraging occurs when traders holding large leveraged positions are forced to sell after price declines, which accelerates the fall even further.

Source: Walter Bloomberg X

Panigirtzoglou noted that the wave of deleveraging in futures markets has now largely run its course, returning leverage levels to normal. This normalization, he said, reduces short-term downside risk and sets a more balanced stage for Bitcoins price movements going forward.

Bitcoin Now Undervalued Against Gold, Says JPMorgan

The strategist emphasized that when comparing Bitcoin and gold on a volatility-adjusted basis—a method that considers how much each asset’s price fluctuates—Bitcoin currently appears cheap.

To achieve the same amount of private investment as gold, he said that BTC price would have to increase by approximately two-thirds, to approximately $170,000. 

This comparison implies that the potential upside of BTC may be very high as long as investors consider it as a digital replacement for gold.

Stabilization of the Market was an indication of low risk.

Panigirtzoglou also remarked that as futures leverage goes back to normal levels, the market is not as vulnerable to liquidations and price shocks. 

In his opinion, this provides a more predictable near-term future for the coin, at least until a new catalyst, say a change in regulation or a large institutional inflow, changes investor sentiment once again.

Community Reactions

Although the analysis by JPMorgan is a positive sign, the response to the news in the crypto community has been both positive and negative. Other traders received the analysis as an indicator that the institutional trust in BTC is still high. 

Nonetheless, the comparison of Bitcoin vs gold was ridiculed by others, who claimed that the two are different types of assets and cannot be compared and evaluated in the same way.

Several social media users actually cautioned that positive news like this by big banks might be a contrarian indicator-that is, when big institutions become bullish, it might actually be the start of another market correction.

Currently, the  Bitcoin price is down today at $102,029 (as of November 7, 2025), and analysts are still arguing whether this is a real buying point or a stall before more volatility sets in.

Source: CMC

Conclusion

Even though JPMorgan has an optimistic view of the potential of Bitcoin, there are mixed reactions in the market that indicate that there is uncertainty on whether the current price is a level of stability or another turning point in the future.