JPMorgan: Bitcoin support level at $94,000, maintaining upward target of $170,000

According to The Block, a recent report by JPMorgan analysts indicates that the production cost of Bitcoin has risen to approximately $94,000, a level historically viewed as a price support point, suggesting limited downside from the current price of about $102,300.

The analysis team, led by Managing Director Nikolaos Panigirtzoglou, stated that the significant increase in Bitcoin network difficulty over the past few months has led to a sharp rise in production costs. At the same time, the analysts reiterated their bullish forecast that Bitcoin could reach $170,000 in the next 6 to 12 months, based on a volatility-adjusted comparison with gold. The report noted that the risk capital consumed by Bitcoin is currently about 1.8 times that of gold, and to match gold's $6.2 trillion private investment market, its market value would need to increase by approximately 67%.