JPMorgan has predicted a parabolic rally for Bitcoin (BTC) in the next 6-12 months. According to Nikolaos Panigirtzoglou, a strategist at JPMorgan, the Bitcoin price would need to rally towards $170,000 to match Gold’s private investment value.
Since hitting $4,377 per ounce, the gold price has dropped around 10% and formed a potential reversal pattern. On the other hand, Panigirtzoglou believes that the 20% BTC price drop from its all-time high in the past few weeks is largely attributed to ‘heavy deleveraging in futures and fallout from a $128 million crypto theft’.
Why is Bitcoin Price Likely to Rebound In The Midterm?
Technical Tailwind: BTC Price Retest Critical Support Level
From a technical analysis standpoint, the Bitcoin price is currently retesting a crucial bull market support level. Following the recent BTC price drop, it has retested and rebounded a daily support level formed earlier this year after acting as a resistance level in 2024.
In the weekly timeframe, BTC price has retested the 50 Simple Moving Average (SMA), which has acted as a support level during this bull market. As such, market analyst alias Rekt Capital believes that Bitcoin’s bull run is at a make-or-break moment.
Renewed Demand amid Supportive Macro Backdrop
Since Bitcoin price teased below $100k, on-chain data analysis shows a renewed demand as traders buy the dip. According to market data analysis from CryptoQuant, Binance’s hourly Bitcoin’s Net Taker Volume dropped to negative 53 million. Notably, a deep negative print indicates aggressive selling but it has historically marked local bottoms.
Meanwhile, Bitcoin addresses with a balance of between 1k and 10k have purchased 10k BTCs during the past 24 hours to currently hold 4.22 million coins.
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