Bitcoin’s blue-chip coverage just turned decisively bullish. Within hours of each other on October 2, JPMorgan and Citi outlined upside paths that put six-figure levels squarely on the 12-month horizon, framing the next phase of the cycle around volatility normalization versus gold and sustained institutional demand.

New 12-Month Bitcoin Calls From Citi And JPMorgan

JPMorgan said BTC is now undervalued relative to gold on a volatility-adjusted basis and could climb roughly 40% to about $165,000 to reach parity with the scale of private gold holdings. “The steep rise in the gold price over the past month has made bitcoin more attractive to investors relative to gold, especially as the bitcoin to gold volatility ratio keeps drifting lower to below 2.0,” the bank wrote .

The analyst of t

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