JPMorgan: Bitcoin support level expected at $94,000, maintains upside target of $170,000

Jinse Finance reported that JPMorgan analysts stated that the downside potential for bitcoin from its current price is "very limited," with its support price around $94,000. The analyst team, led by Managing Director Nikolaos Panigirtzoglou, pointed out in a report released on Wednesday that bitcoin's estimated production cost—which has historically been regarded as the bottom or support price—has risen from about $92,000 recently to around $94,000. Meanwhile, the analysts reiterated last week's forecast, based on a volatility-adjusted comparison between bitcoin and gold, predicting that bitcoin's price could rise to about $170,000 in the next 6-12 months.