PANews reported on November 6th, citing The Block, that JPMorgan analysts believe Bitcoin's price could rise to approximately $170,000 over the next 6 to 12 months, primarily due to leverage adjustments and improved volatility relative to gold. Recently, the cryptocurrency market has corrected nearly 20% from its highs. Record-breaking liquidations occurred in the perpetual futures market on October 10th, followed by smaller liquidations on November 3rd. Furthermore, the over $120 million Balancer vulnerability exploit in the DeFi sector on the same day further eroded investor confidence and raised concerns about protocol security.

However, the deleveraging phase of perpetual futures is largely complete, and the ratio of open interest to market capitalization in Bitcoin perpetual futures has returned to historical levels, with the Ethereum market showing a similar trend. Furthermore, rising gold volatility makes risk-adjusted Bitcoin more attractive to investors, with its volatility ratio to gold falling below 2.0. Based on this estimate, Bitcoin's market capitalization would need to grow by nearly 67% to match the total investment in gold. Currently, Bitcoin's price is approximately $68,000 below its fair value, and a significant increase is expected in the next 6 to 12 months.