JPMorgan analysts believe that Bitcoin may be oversold after the recent price drop below $100,000. However, they indicated the likelihood of price growth in the coming months.
JPMorgan Global Market Strategy Managing Director Nikolaos Panigirtzoglou believes the decline followed a reduction in perpetual futures debt and the liquidation of $128 million in assets linked to the decentralized finance protocol Balancer.
However, in his opinion, open interest in Bitcoin has not changed significantly and has returned to the average value of 2024, which confirms the continued interest in the market.
Panigirtzoglou emphasized that Bitcoin’s volatility indicators indicate that BTC remains undervalued. Drawing an analogy with gold, he estimated Bitcoin’s fair value at around $170.
Since last week, gold has been consolidating in the $3900 to $4000 range. Strong US economic data could put pressure on the metal, while weaker data could provide support.
Resistance is near $4020, with potential support near $3960. Gold’s uptrend could continue in the medium term if real yields decline, but the short-term outlook remains uncertain.
Against this background, Bitcoin remains a high-risk asset with volatile prices. However, its adoption is growing as the regulatory framework evolves.