JPMorgan Chase: Bitcoin support at $94,000, maintaining upside target of $170,000.

According to a report by The Block, citing Mars Finance, a recent report from JPMorgan analysts indicates that the production cost of Bitcoin has risen to approximately $94,000, a level historically considered a price support point, implying limited downside potential from the current price of around $102,300. The analysis team, led by Managing Director Nikolaos Panigirtzoglou, stated that the significant increase in Bitcoin network difficulty in recent months has led to a sharp rise in production costs. The analysts also reiterated their upside forecast that Bitcoin could reach $170,000 within the next 6 to 12 months, based on a volatility adjustment comparison with gold. The report points out that Bitcoin currently consumes approximately 1.8 times the risk capital of gold, and its market capitalization would need to increase by about 67% to match gold's $6.2 trillion private investment market.