JPMorgan emphasized the support level of $94,000 for Bitcoin.

In recent times, the cryptocurrency market has experienced significant price movements that have caught the attention of investors. A recorded increase of approximately 70% in the price of Bitcoin is supported by assessments made by JPMorgan analysts. The team led by senior executive Nikolaos Panigirtzoglou noted that the production cost of Bitcoin at around $94,000 creates a strong price foundation.

In a note published by JPMorgan, it was stated that the ratio of the current price of Bitcoin to its production cost is just above 1, and this situation has historically placed it at the lower bound. Analysts mentioned that the sharp increases in network difficulty levels in recent months have led miners to require more computational power to generate new blocks, which has sharply increased production costs. According to this relationship, the interaction between Bitcoin price and production cost naturally limits the price's downside risk.

The bank emphasized that the Bitcoin price is currently around $102,000, considering that the $94,000 cost floor provides significant support. Additionally, JPMorgan continues to maintain an upward price forecast of approximately $170,000 for the 6-12 month period. This forecast is calculated by comparing Bitcoin with gold based on volatility.

Analysts indicated that Bitcoin currently consumes about 1.8 times more risk capital compared to gold, suggesting that the current $2.1 trillion market value could achieve risk parity with gold with a 67% increase. According to these calculations, the theoretical Bitcoin price points to approximately $170,000.

Investors should take these developments, which are critical to the dynamic structure of financial markets, into account and shape their strategies accordingly. The support level of $94,000 for Bitcoin, along with JPMorgan’s price forecasts, provides a fundamental reference point for determining investment strategies in the upcoming period.