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Here’s Why JPMorgan Analysts Are Still Bullish On The Bitcoin Price After Crashing Below $100,000

The recent Bitcoin price crash below $100,000 has sparked widespread concern across the crypto market, but major institutional players like JPMorgan remain unshaken. According to reports, JPMorgan analysts have issued a surprisingly bullish outlook for Bitcoin, forecasting a potential surge to $170,000 in the near future. The bullish prediction has caught the attention of the broader crypto market, especially as volatility and liquidations continue to test investor sentiment and push prices down. 

JPMorgan Maintains Bullish Bitcoin Price Outlook

Eric Balchunas, a Senior ETF analyst at Bloomberg, recently shared insights from JPMorgan’s analysts, led by Managing Director Nikolaos Panigirtzoglou, who presents a compelling bullish case for the Bitcoin price. In one of their research notes, the bank’s analysts argue that Bitcoin’s current market value is significantly undervalued compared to gold. 

They suggest that once leverage conditions normalize, the leading cryptocurrency could climb toward $170,000. Notably, they expect BTC to reach this bullish target within the next 6-12 months, representing a 65.9% increase from its current price level of just over $102,400.  

The analysts emphasized that the broader crypto market has already undergone a near 20% correction from previous highs, primarily driven by massive liquidations in perpetual futures contracts. The largest wave was observed on October 10, following US President Donald Trump’s announcement of aggressive tariffs against China, which triggered record liquidations that wiped out billions of dollars in leveraged positions across exchanges—the largest such event in the history of crypto. 

Leaving the crypto market with no room for a recovery, another devastating liquidation event occurred on November 3, deepening the correction after a $120 million exploit on Market Maker Balancer reignited fears over DeFi protocol security. However, despite this widespread volatility and market downturn, JPMorgan analysts remain bullish on Bitcoin, likely viewing these liquidation events as necessary purges that have flushed out excessive speculation. 

The analysts believe that perpetual deleveraging has finally come to an end, opening a potential path for more stable institutional accumulation. They suggest that Bitcoin’s value could recover and strengthen considerably from now to October 2026, supporting the bullish projection of a possible rally to a new all-time high.

Market Analysts Share Similar Optimistic Predictions 

Crypto market analyst Sulianto Indria Putra’s latest technical analysis echoes bullish optimism for Bitcoin’s price outlook. He highlights that the cryptocurrency’s weekly chart shows the 50-week Exponential Moving Average (EMA) continuing to act as a strong cyclical support level. Each time BTC has touched this EMA in past bull cycles, it has historically rebounded with strong upward momentum.

Bitcoin price

Based on the analyst’s chart, Bitcoin trades around $102,400, just above the 50-week EMA at approximately $100,900, where price action shows consolidation rather than breakdown. Putra argues that this positioning indicates that the market is forming a higher low within an ongoing bull trend. Despite widespread bearish sentiment and price declines, the analyst maintains that Bitcoin could still rally significantly to $150,000 between late 2025 and early 2026. 

Bitcoin price chart from Tradingview.com


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