Banking giant JPMorgan Chase believes Bitcoin is now undervalued after the asset’s major pullback in October.
In a new note to clients that’s gone viral on X, JPMorgan strategist Nikolaos Panigirtzoglou highlights Bitcoin’s sharp decline, falling over 20% last month to $99,000.
The drop followed a peak of $126,000, fueled by heavy deleveraging in futures markets.
Since then, Panigirtzoglou says leverage levels have returned to normal, with the reset making BTC appear cheap compared to gold on a volatility-adjusted basis.
At this point, the strategist says that to match gold’s value in private investments, Bitcoin would need to climb two-thirds higher.
That targets a price of $170,000.
Panigirtzoglou says his price target is backed by his belief that the futures unwinding is complete, suggesting Bitcoin’s near-term outlook is more stable.
BTC is priced at $101,906 at time of publishing, down 0.36% in the last 24 hours.
