J.P. Morgan analysts indicate that while gold still has room for appreciation in the second half of 2025, Bitcoin may perform even stronger. As companies buy Bitcoin and the support for cryptocurrencies increases across U.S. states, the price of Bitcoin could be driven higher. In contrast, the rise in gold is primarily benefiting from continuous purchases by central banks and investors, with an expected average price of $3,675 per ounce in the fourth quarter of 2025, and it may break $4,000 per ounce in the second quarter of 2026.