JPMorgan analysts say Bitcoin’s recent decline may be close to its bottom and could set the stage for a major challenge to gold’s dominance by 2026. Bitcoin fell to slightly above $94,000 this week after reaching $126,000 in October.
The bank’s analysts, led by managing director Nikolaos Panigirtzoglou, said Bitcoin’s current production cost of around $94,000 points to limited downside from current prices.
They also repeated their earlier long-term forecast that Bitcoin could rise to about $170,000 in 2026, a level that would allow it to compete with gold’s $28.3 trillion market capitalization.
JPMorgan noted that the Bitcoin-to-gold volatility ratio has been trending lower, which they say supports a higher fair value for Bitcoin in the coming years.
Gold now holds a market cap of $28.3 trillion, far above Bitcoin’s estimated $1.9 trillion, but analysts believe this gap shows strong upside potential for Bitcoin over the next 6–12 months.
Other market observers remain positive as well. Zhong Yang Chan, head of research at CoinGecko, highlighted steady growth in Bitcoin ETFs, rising activity from crypto treasury companies, expanding stablecoin adoption, and Wall Street’s push toward asset tokenization as factors supporting Bitcoin’s outlook.
The forecast comes as cryptocurrencies gain broader acceptance in mainstream finance. If Bitcoin moves toward the levels projected by JPMorgan, it could have a significant impact on global markets and further strengthen digital assets as an established investment class.
