banking giant JPMorgan‘s research team Bitcoin 
$103,002.58 He set a new price target of $170,000 over the next six to twelve months. Research Director of the Bank Nikolaos Panigirtzoglou prepared under the leadership of The Block The report shared by on November 6 was published at a time when the largest cryptocurrency was traded around $ 103,000. The forecast is based on a volatility-adjusted valuation comparison between Bitcoin and private sector gold investments.
Volatility-Based Gold Comparison for Bitcoin
According to JPMorgan’s report Bitcoin‘s current market value is approximately $2.1 trillion, and this figure needs to increase by 67 percent for a valuation compatible with gold. Bank analysts estimate approximately $6.2 trillion worth of assets in the private sector. gold He noted that Bitcoin is still at a significant discount compared to his investment. The report stated that Bitcoin is currently trading $68,000 below its volatility-adjusted fair value relative to gold.
While analysts describe this method as a mechanical exercise gold pricesHe emphasized that the recent increase in volatility in Bitcoin makes Bitcoin more attractive in terms of risk-return. The volatility rate used in the calculations is at the level of 1.8. This means that Bitcoin consumes approximately 1.8 times more risk capital than gold.
“Deleveraging is Largely Completed”
The report included the assessment that the deleveraging in the futures market was largely completed following the record liquidations in October. The return of open interest rates in perpetual futures to historical averages indicates that market balancing has begun, according to the JPMorgan team.
The research team noted that following the second wave of liquidations on November 3, signals were received that the deleveraging in futures was over. During this period, the $120 million Balancer hack claim, which damaged investor confidence, attracted attention. In CME futures Ethereum 
$3,389.15 It was noted that more positions were liquidated than Bitcoin. It was also emphasized that, unlike the strong inflows in early October, there have been limited outflows from ETFs in recent weeks.
The new $170,000 target for Bitcoin is an update from JPMorgan’s previous projections of $165,000 in October and $126,000 in August. The bank added that Bitcoin still has strong upside potential based on the volatility-adjusted assessment.
CryptoAppsy According to data, Bitcoin is trading at $ 101,892, with a decrease of 1.47 percent in the last 24 hours.
