JPMorgan Sets $170,000 Bitcoin Target Amid Volatility-Adjusted Gold Comparison

JPMorgan targets a Bitcoin price of $170,000 in 6-12 months.
Bitcoin's market cap needs to rise 67% from $2.1 trillion to match private-sector gold investments on a volatility-adjusted basis.
The Bitcoin-to-gold volatility ratio is approximately 1.8, suggesting Bitcoin carries more risk but also potential upside compared to gold.
Bitcoin trades around $68,000 below its volatility-adjusted fair value relative to gold.
A recent deleveraging phase in perpetual futures may be over following significant October liquidations.
Recent liquidations were influenced by a $120 million DeFi exploit, affecting investor confidence.
CME futures show more liquidations in Ethereum than in Bitcoin.
This projection updates previous JPMorgan forecasts of $165,000 in October and $126,000 in August.