Bitcoin Magazine JPMorgan: Bitcoin Looks Cheap Compared to Gold, Bitcoin Price to $170,000

JPMorgan strategists say Bitcoin (BTC) now appears undervalued relative to gold following a steep October sell-off driven by leveraged liquidations and market turmoil.

Bitcoin fell more than 20% last month after hitting an all-time high of $126,000, a drop that JPMorgan’s Nikolaos Panigirtzoglou attributed to heavy deleveraging in futures markets and fallout from a $128 million hack of the DeFi platform Balancer.

He noted that the ratio of open interest in perpetual futures to Bitcoin’s market capitalization has since returned to average levels, suggesting that “excess leverage has largely been cleared.”

ETF outflows have been modest compared to prior inflows, Panigirtzoglou added, pointing to a

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