Nov 14, 2025
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JPMorgan Sets Bitcoin’s Price Floor at $94,000 Due to Mining Costs
JPMorgan has identified a critical price floor for Bitcoin, estimating the market's “pain threshold” at approximately $94,000. This figure represents both a mining-economics floor and a support level.
Key Insights from JPMorgan's Analysis
- The production cost to mine one Bitcoin has increased from $92,000 to $94,000 due to rising network difficulty.
- This increase in production cost acts as a price floor, limiting Bitcoin's downside risk.
- The ratio of spot price to production cost is slightly above 1.0, indicating thin operating margins for miners.
- A medium-term upside target of $170,000 is projected, based on volatility-adjusted comparisons with gold.
- JPMorgan acknowledges that recent liquidations and weak sentiment may delay reaching this price target.
- At present, Bitcoin is trading at $97,505.
The analysis suggests that as long as mining costs remain around $94,000, this will act as a support level, constraining Bitcoin’s potential downward movement.
