Bitcoin (BTC) just had a rough week, tumbling from its October peak of $126,000 down to just above $94,000. That's the kind of drop that makes crypto holders question their life choices. But JPMorgan analysts think they've found the bottom, and they're making some bold calls about where things go from here.

Here's the logic: Bitcoin's production cost sits around $94,000 per coin, which means miners are essentially breaking even at current prices. JPMorgan argues this creates a natural floor, with very limited downside from here. It's basic economics—when prices fall below production costs, miners shut down operations until supply tightens and prices recover.

But the really interesting part is where JPMorgan thinks Bitcoin is headed. A team led by managing director Nikolaos Panigirtzoglou has restated their 2026 forecast, projecting Bitcoin could climb to nearly $170,000 and start seriously challenging gold's massive $28.3 trillion market cap, according to Forbes.

The key metric they're watching? The Bitcoin-to-gold volatility ratio, which has been trending downward. Translation: Bitcoin is becoming less volatile relative to gold, making it more attractive as a store of value. That's exactly the kind of maturation that could drive institutional adoption and push prices higher.

Right now, the gap between the two assets is enormous. Gold hit a $28.3 trillion market cap this year, while Bitcoin sits at just $1.9 trillion. But JPMorgan analysts see this massive disparity as opportunity, not obstacle. They're forecasting considerable upside for Bitcoin over the next 6-12 months as the cryptocurrency continues gaining legitimacy.

Not everyone at JPMorgan is worried about the recent price action, and they're not alone. Zhong Yang Chan, head of research at CoinGecko, pointed to several encouraging trends: expanding Bitcoin ETFs, the rise of crypto treasury companies, growing stablecoin adoption, and Wall Street's push toward asset tokenization. These aren't just crypto-bro talking points anymore—they're genuine structural shifts in how finance operates.

The broader implication here is that cryptocurrencies are crossing the threshold from speculative assets to legitimate investment vehicles. If Bitcoin can actually mount a challenge to gold's market dominance, it would represent a fundamental reshaping of how we think about stores of value. Whether JPMorgan's timeline proves accurate or not, the direction of travel seems increasingly clear.