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JPMorgan: Expects Bitcoin support level at $94,000 and maintains a rise expectation of $170,000.
On November 13, The Block reported that JPMorgan analysts stated that the downside for Bitcoin from its current price level is “very limited,” with a support price of around $94,000. The analyst team, led by Managing Director Nikolaos Panigirtzoglou, pointed out in a report released on Wednesday that Bitcoin's estimated production cost—historically seen as a bottom or support price—has risen from about $92,000 recently to around $94,000. Meanwhile, the analysts reiterated last week's prediction of an approximately $170,000 increase in Bitcoin's price over the next 6-12 months, based on a volatility-adjusted comparison of Bitcoin to gold.