JPMorgan experts stated that the most important support level for Bitcoin during the current market correction is the mark of $94,000.

According to them, the current price drop of the first cryptocurrency fits within normal market fluctuations and does not indicate the beginning of a deep or prolonged correction.

Recent liquidations and the deterioration of the overall market atmosphere reduce the likelihood that Bitcoin will be able to rise to $165,000 by the end of the year. However, experts note that compared to gold, BTC still remains undervalued, creating conditions for growth in the medium term.

At JPMorgan, it was emphasized that in the coming months, the macroeconomic situation will have a key influence on Bitcoin's dynamics. Easing of monetary policy, increased interest in risky assets, and a recovery in capital inflows to the crypto market could help Bitcoin emerge from its current range.

Any improvement in the external environment, according to experts, is capable of accelerating the recovery of BTC's value and returning it to a more sustainable upward trend. Over the next 6–12 months, Bitcoin could reach the level of $170,000, JPMorgan believes.

Previously, QCP Capital specialists noted that the main obstacle to Bitcoin's growth remains the ongoing sell-off of coins by early holders.