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

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

Although the bitcoin futures market has experienced consecutive sell-offs, analysts said that the deleveraging phase of perpetual contracts seems to have largely ended. They pointed out that the ratio of open interest in bitcoin perpetual contracts to market capitalization has fallen from above-average levels to historically normal levels within a few weeks.