According to @EricBalchunas, JPMorgan forecasts Bitcoin (BTC) could reach $170,000 within the next 6–12 months, citing the completion of perpetual futures deleveraging as a key market driver (source: @EricBalchunas on X, Nov 6, 2025). According to @EricBalchunas, JPMorgan also argues BTC is historically undervalued relative to gold, which implies "significant upside" over the same 6–12 month horizon (source: @EricBalchunas on X, Nov 6, 2025).