Bitcoin's 2026 Target: Is $170,000 Possible?

Recent Developments in Bitcoin Price

This week, Bitcoin price dropped below 100 thousand dollars, creating collapse concerns among investors. However, investment bank JPMorgan suggested that this situation indicates the bottom level has been reached. Reiterating its target of 170 thousand dollars for 2026, JPMorgan stated that investors are acting cautiously due to uncertainties regarding how U.S. President Donald Trump will affect the markets.

Bottom Level Analyses

JPMorgan analysts reported that Bitcoin historically has had its production cost create a floor for the price. This cost, determined at 94 thousand dollars, limits the possibility of further declines below the current price level. Bitcoin quickly fell from 126 thousand dollars this week to just above 94 thousand dollars. If this level is maintained, the team led by JPMorgan's chief analyst Nikolaos Panigirtzoglou may have accurately predicted the last bottom level.

Relationship Between Gold and Bitcoin

In JPMorgan's previous report, it was noted that the volatility ratio between Bitcoin and gold is decreasing, emphasizing that this situation presents an opportunity for Bitcoin to reach 170 thousand dollars in 2026. According to the report, Bitcoin is expected to approach the performance of gold, which has gained over 30% in value in recent months. While gold's market value has reached 28.3 trillion dollars this year, Bitcoin's value remains at 1.9 trillion dollars. Analysts argue that there is a significant upward potential for Bitcoin in the next 6 to 12 months.