JPMorgan analysts project a rise to around $170,000 for Bitcoin in the coming year, following a significant market correction that they believe has run its course.
In a recent report, the team detailed how a record-setting liquidation event on October 10th, followed by a subsequent sell-off, erased nearly 20% of the market’s value. However, they note that the ratio of open interest to market cap for Bitcoin perpetual futures has swiftly returned to its historical average, signaling that the forced selling is over.
“The message from the recent stabilization is that deleveraging in perpetual futures is likely behind us,” the analysts wrote, setting the stage for their bullish outlook.
