Bitcoin Price Prediction: JPMorgan Compares BTC to Gold, Sees Path Toward $165,000

Bitcoin (BTC) could soon see a massive rally, according to a new analysis by JPMorgan. The banking giant argues that Bitcoin is currently undervalued compared to gold and has the potential to reach $165,000, nearly 40% above its current trading level of around $120,000.

Why JPMorgan Sees Bitcoin as Undervalued

JPMorgan’s forecast is based on volatility comparisons between Bitcoin and gold. Analysts highlight that Bitcoin’s price swings have been narrowing, with the BTC-to-gold volatility ratio now below 2.0. This makes Bitcoin appear less risky and more attractive relative to the yellow metal.

The report further notes that if Bitcoin’s market cap of $2.3 trillion were to match the $6 trillion invested in gold (bars, coins, and ETFs), adjusted for risk, BTC would need to climb by 42%, placing its fair value around $165K.

Uptober Rally and Seasonal Trends

Bitcoin’s strong close in September has fueled optimism for what traders call “Uptober.” Historically, when Bitcoin ends September in positive territory, Q4 tends to deliver significant rallies.

In years such as 2015, 2016, 2023, and 2024, Bitcoin posted 50%+ gains in the final quarter.
September 2025 closed with a 5% monthly gain, breaking its usual seasonal weakness.
Current momentum places Bitcoin near $120,000, leaving about $45,000 upside if JPMorgan’s model plays out.

Macroeconomic factors, including weak U.S. labor data and expectations of Federal Reserve rate cuts, are also boosting Bitcoin’s role as a hedge against economic uncertainty.

Bitcoin Price Action: Key Levels to Watch

As of now, Bitcoin trades near $120,421, maintaining its bullish momentum above the 50- and 100-period moving averages. Recent technical indicators include:

Bullish engulfing candle on the weekly chart, signaling buyer strength.
Relative Strength Index (RSI) near 75, showing strong demand but also hinting at overbought conditions.
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Next resistance sits at $124,600, with a possible push toward $128,000.

However, analysts caution that a Bearish Butterfly harmonic pattern is forming, which typically signals exhaustion near the top of a rally.

If Bitcoin fails to hold the $128K–$130K zone, a retracement could drag prices back toward $118,500 or even $113,500.

Short-Term Bullish, Long-Term Caution

The dual outlook highlights Bitcoin’s near-term bullish potential while warning traders of possible pullbacks. Investors may look to capitalize on the ongoing rally but should remain cautious as BTC approaches the reversal zone.

This means Bitcoin could climb higher in the short run, but volatility remains a risk, especially if profit-taking accelerates near resistance.

Meme Coin Spotlight: Maxi Doge ($MAXI)

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Staking rewards with competitive APYs.
Trading contests with leaderboard prizes.
Community-driven events and partnerships.
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The project has already raised over $2.7 million in its presale, with tokens priced at just $0.0002605. The presale price will rise as fundraising continues, making early entry attractive.

Audited by SolidProof and Coinsult, the project has added security for investors. Tokens can be purchased via ETH, BNB, USDT, USDC, or bank card on the official Maxi Doge website.

Final Thoughts

JPMorgan’s analysis highlights Bitcoin’s growing maturity as an asset, increasingly compared to gold as a store of value. While short-term rallies could push BTC toward $128K–$130K, the long-term model suggests a potential move as high as $165,000.

For traders and investors, the outlook is both exciting and risky: Bitcoin may be on the verge of another historic bull run, but volatility and market psychology remain key factors to watch.