The recent one Bitcoin price crashes below $100,000 has sparked widespread concern in the crypto market, but major institutional players like JPMorgan remain unwavering. According to reports JPMorgan analysts have given a surprisingly bullish outlook for Bitcoin, predicting a potential rise to $170,000 in the near future. The bullish forecast has caught the attention of the broader crypto market, mainly because volatility and liquidations continue to test investor sentiment and push prices down.
JPMorgan Maintains Bullish Bitcoin Price Outlook
Eric Balchunas, Senior ETF Analyst at Bloomberg, recently shared insights from JPMorgan’s analysts, led by Managing Director Nikolaos Panigirtzoglou, presenting a compelling report bullish case for Bitcoin price. In one of their research notes, the bank’s analysts state that Bitcoin’s current market value is flat significantly undervalued compared to gold.
They suggest that once leverage conditions normalize, the leading cryptocurrency could soar to $170,000. Notably, they expect BTC to reach this bullish target within the next 6-12 months, which represents an increase of 65.9% from the current price level of just over $102,400.
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The analysts highlighted that the broader crypto market has already undergone a correction of almost 20% from previous highs, mainly driven by massive liquidations in perpetual futures contracts. The largest wave was observed on October 10th The announcement of US President Donald Trump of aggressive tariffs against China, leading to record liquidations that wiped out billions of dollars of leveraged positions on exchanges – the largest such event in crypto history.
Leaving the crypto market with no room for recovery, another thing devastating liquidation event took place on November 3, deepening the correction after a $120 million in operations on Market Maker Balancer has reignited fears over the security of the DeFi protocol. However, despite this widespread volatility and market decline, JPMorgan analysts remain bullish on Bitcoin and likely view these liquidation events as necessary cleanses that have washed away excessive speculation.
The analysts believe that the ongoing deleveraging has finally come to an end, opening a potential path for more stable institutional accumulation. That’s what they suggest Bitcoin’s value could recover and strengthen significantly from now through October 2026, supporting the bullish projection of a possible rally to a new all-time high.
Market analysts share similarly optimistic predictions
The latest technical analysis from crypto market analyst Sulianto Indria Putra reflects bullish optimism about Bitcoin’s price prospects. He highlights that the cryptocurrency’s weekly chart shows the 50-week Exponential Moving Average (EMA) continuing to act as a strong cyclical support level. Every time BTC has touched this EMA past bull cyclesthe economy has historically recovered with strong upward momentum.
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Based on the analyst’s chart, Bitcoin is trading around $102,400, just above $102,400 50 week EMA at around $100,900, with price action showing consolidation rather than breakdown. Putra says this positioning indicates the market is forming a higher low within an ongoing bull trend. Despite widespread bearish sentiment and price declines, the analyst claims that Bitcoin could still rise significantly to $150,000 between late 2025 and early 2026.
Featured image created with Dall.E, chart from Tradingview.com