#比特币价格走势分析 Analyze the current market sentiment. JPMorgan's target price of $170,000 for Bitcoin is indeed somewhat optimistic. Although the institution's model indicates that Bitcoin could reach this level within the next 6-12 months, I believe caution is warranted. Recently, Bitcoin plummeted from a high of $120,000 to around $82,000, with market volatility being intense. The key is to monitor whether the Strategy enterprise value to coin holding value ratio (mNAV) falls below 1.0, which could trigger forced selling. Currently, the production cost of Bitcoin has been reduced to $90,000. If the price remains below this level for a long time, it may trigger a cycle of miner exit and difficulty decrease. Overall, in the short term, Bitcoin still faces downward pressure, and the target of $170,000 may take longer to achieve.