Key Takeaways
JPMorgan analysts view Bitcoin as more attractive than gold after recent deleveraging in the market.
The recent price collapse to below $100,000 was viewed as a technical market event driven by deleveraging and security scares.
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JPMorgan, a major US bank, claims Bitcoin has become more attractive than gold following a period of deleveraging, MarketWatch reported today.
Analyst Nikolaos Panigirtzoglou noted that a sharp liquidation in perpetual futures and a $128 million crypto theft from the decentralized-finance protocol Balancer contributed to the recent pullback.
Panigirtzoglou estimates Bitcoin could climb to $170,000 over the next 6–12 months on a volatility-adjusted basis.
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