Bitcoin: Will it follow the 'gold price rally'… JPMorgan "could surpass $165,000"

Global investment bank (IB) JPMorgan said that, influenced by the recent rise in the gold price, Bitcoin (BTC) prices could reach $165,000.

According to CoinDesk on the 2nd (local time), JPMorgan said in a report, "considering Bitcoin's risk factors, it would have to rise by about 40% from the current price to match individuals' gold holdings," and "(Bitcoin's price) could rise to $165,000 on a volatility-adjusted basis relative to gold." CoinDesk reported, "(JPMorgan) sees significant upside for Bitcoin if the so-called 'debasement trade' continues to gain traction."

What JPMorgan focused on was the inflow of funds into exchange-traded funds (ETFs). JPMorgan analyzed, "cumulative fund inflows into spot Bitcoin and gold ETFs have surged," and "individual investors are driving a significant portion of this flow." CoinDesk said, "based on JPMorgan's open interest (OI)-based indicator, institutional investors have been net buyers since 2024," but "(however) recently investment momentum has lagged compared to retail demand."