Bitcoin News Today: JPMorgan's $170K Bitcoin Target Defies Turbulent Market and Rival Skepticism

JPMorgan Chase & Co. has raised its Bitcoin price target to $170,000 within six to 12 months, arguing the cryptocurrency is undervalued relative to gold when adjusted for risk, according to Bitget. The projection, based on a model comparing Bitcoin's risk-adjusted metrics to gold, suggests the digital asset's market capitalization must grow by 67% to reach parity with the $6.2 trillion invested in gold. This would require Bitcoin's price to surge from its current level of approximately $102,000 to $170,000, according to Blockonomi. The bank's analysis, led by strategist Nikolaos Panigirtzoglou, highlights that Bitcoin currently requires 1.8 times more risk capital than gold, a gap it views as a significant upside catalyst, according to Cointelegraph.

The forecast arrives amid a turbulent market environment. Bitcoin fell below $100,000 on Nov. 4, 2025, marking its first drop below that level in six months and erasing 20% of its value from its October peak near $125,835, according to Yahoo Finance. The decline was fueled by over $1.3 billion in crypto liquidations, with Bitcoin accounting for $445 million of losses, as well as large-scale selling by institutional holders. BlackRock's recent $213 million Bitcoin transfer to Coinbase further stoked fears of sub-$100,000 price action, according to BeInCrypto. Meanwhile, U.S. spot Bitcoin ETFs recorded a fourth consecutive day of outflows, totaling $187 million on Nov. 3, as investors reallocated capital to short-term bonds amid global uncertainty, according to Yahoo Finance.

JPMorgan's bullish stance contrasts with more cautious outlooks from other firms. Galaxy Digital, for instance, cut its 2025 Bitcoin target from $185,000 to $120,000, citing macroeconomic headwinds, whale selling, and shifting investor priorities toward AI and gold, according to Bitget. The firm noted that 470,000 Bitcoin—worth $50 billion—were moved from long-term holders in October, creating ongoing resistance at key price levels, and Alex Thorn, Galaxy's head of research, described Bitcoin as entering a "mature phase" with slower growth driven by institutional adoption rather than retail frenzy, Bitget reported.

Technical indicators also signal heightened volatility. Bitcoin trades near $101,290, with the Keltner Channel's lower band providing interim support at $103,321, as reported by Yahoo Finance. The MACD remains in negative territory, underscoring bearish momentum. However, JPMorgan argues that the recent deleveraging in perpetual futures markets has stabilized conditions, reducing excess leverage and opening the door for fresh long positions, according to Blockonomi. The bank also noted that ETF outflows, while concerning, have been relatively modest compared to previous inflows, suggesting the market may be nearing a bottom, Bitget reported.

Institutional adoption continues to gain traction, with JPMorgan recently allowing clients to use Bitcoin and Ethereum as loan collateral—a move mirrored by Goldman Sachs and BlackRock, Blockonomi reported. This reflects growing comfort with digital assets in traditional finance, even as regulatory and macroeconomic uncertainties persist.