Key Notes

Bitcoin's $2.1T market cap requires 67% growth to match gold's $6.2T private investment on risk-adjusted terms.

Perpetual futures deleveraging appears complete following October's record liquidation event and subsequent market correction.

Current Bitcoin-to-gold volatility ratio of 1.8 indicates BTC trades $68,000 below JPMorgan's calculated fair value.

JPMorgan’s research team led by Managing Director Nikolaos Panigirtzoglou has set a Bitcoin BTC $101 313 24h volatility: 2.5% Market cap: $2.02 T Vol. 24h: $61.30 B price target of approximately $170,000 for the next six to 12 months. Bitcoin traded near $103,000 at the time of the projection, according to a Nov. 6 report exclusively obtained by The Block.

The valuation derives from a volatilit

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