JPMorgan Directly Speaks Out - Bitcoin is Still at a "Bargain Price". In its latest research report, JPMorgan bluntly points out that this Wall Street giant has clearly stated that Bitcoin is significantly undervalued compared to gold.

• Volatility has hit a historical low, scaring retail investors away while attracting institutions.

• The speed at which ETFs are attracting capital surpasses that of gold, with only a $30 billion gap remaining.

• If the technical level of $117,000 is broken, the next target is $126,000, or even higher.

1. "Cooling" Volatility = "Heating Up" Institutions

At the beginning of the year, volatility was 60%, now it’s only 30%, not much different from gold. Big funds are no longer afraid of rollercoaster rides; instead, they are treating Bitcoin as an upgraded version of gold to hoard.

2. ETF Capital Attraction Battle

Gold ETFs amount to $180 billion, while Bitcoin ETFs are at $150 billion, closing the gap by 80% in one year. JPMorgan calculated that if Bitcoin rises by another 13%, its market value will match that of private gold investments.

3. Price Script

Short-term: Stabilize at $110,000 and break through $117,000 to shed the "bearish" label.

Long-term: As long as institutions keep buying, $126,000 is just an appetizer, with plenty of room to match gold's market value.

As the old saying goes, the bigger the waves, the more expensive the fish - now that the waves have calmed, the boat is filled with big fish, and prices will naturally rise.