JPMorgan: Bitcoin price will reach around $170,000 in the next 6 to 12 months

JPMorgan analysts stated that with the leverage reset and improvement in market volatility, the price of Bitcoin could rise to around $170,000 in the next six to twelve months.

Despite the continuous sell-off in the Bitcoin futures market, analysts indicated that the deleveraging phase of perpetual contracts seems to be largely over. They noted that the ratio of open interest in Bitcoin perpetual contracts to market capitalization has fallen from above average levels to historical normal levels over the past few weeks.