JPMorgan sees bitcoin price reaching about $170,000 within the next 6 to 12 months

Bitcoin could rise to around $170,000 within the next six to 12 months as leverage resets and its relative volatility versus gold improves, according to JPMorgan analysts.

The analysts, led by managing director Nikolaos Panigirtzoglou, said in a Wednesday report that the crypto market has corrected by close to 20% from its recent highs, with the sharpest decline occurring on Oct. 10 amid record liquidations in perpetual futures — the largest in crypto history — followed by smaller liquidations on Nov. 3. They said the Nov. 3 event came as investor confidence was further shaken by the over $120 million Balancer exploit in the decentralized finance sector, which raised fresh concerns over protocol security.