Analysts from JPMorgan have estimated that bitcoin, after the recent event that took its price below six figures, is oversold and has a significant possibility of escalating higher during the next months.

Nikolaos Panigirtzoglou, Managing Director on Global Market Strategy at JP Morgan, wrote a note explaining that the recent price drop had put bitcoin in a very favorable light as perpetual futures deleveraged and a $128 million against known decentralized finance protocol Balancer was executed.

Nonetheless, this event did not demolish bitcoin’s open interest ratio, which fell to its average since 2024, hinting at continued interest in the asset.

In the same way, Panigirtzoglou stated that bitcoin was still cheap when compared to gold, the traditional safe haven asset, from a volatility-based standpoint.

He stated:

Having been $36,000 too high compared with gold at the end of last year, Bitcoin is now around $68,000 too low.

This means that bitcoin’s current fair price would be around $170K, which would open the doors for a massive upswing in the coming months.

JPMorgan’s Panigirtzoglou’s bullish predictions are in line with what other analysts are predicting for bitcoin, taking different elements to support their findings.

Jordi Visser, financial analyst and former president of Weiss Multi-Strategy Advisers, recently stated that the current price action was explained by a slow distribution of bitcoins from original holders to institutional investors, what he called a “silent initial public offering (IPO).”

Visser explained that this could last some time until prices reach new stability provided by institutional hands taking the mantle from retail investors.

While price action is always uncertain as bitcoin usually trades like a risk asset, adoption is scaling and regulation is currently underway, making bitcoin an attractive asset for institutions that still haven’t entered the crypto market.

• What recent estimate did JPMorgan provide for Bitcoin’s price potential?
  JPMorgan analysts suggest that Bitcoin is oversold and could rise significantly in the coming months.

• What factors contributed to bitcoin’s favorable positioning after its price drop?
  The price decline came after the $128 million hack of Balancer and massive perpetual contract liquidations, but bitcoin’s open interest ratio remained stable, indicating ongoing investor interest.

• How does bitcoin compare to gold according to JPMorgan’s analysis?
  Bitcoin is currently viewed as undervalued, with a fair price estimated at around $170K compared to gold, suggesting potential for a substantial upswing.

• What is the outlook for bitcoin’s market behavior going forward?
  Analysts believe institutional interest is growing, which may lead to more stability and increased demand for bitcoin as regulatory frameworks develop.

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