JPMorgan analysts revise 2025 Bitcoin forecast

Bitcoin (BTC) has slipped close to 5% over the past year, with October and November delivering particularly sharp pressure. 

Since Oct. 10, BTC has moved in a range between $93,000 and $82,000, reflecting uncertainty across the broader digital asset market.

Still, JPMorgan analysts suggested on Dec. 9 that Bitcoin and other digital assets may have further upside ahead, despite renewed fears following last month’s sell-off.

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Bitcoin bull cycle remains intact

November sell-off tested Bitcoin traders' patience. The month began with Bitcoin trading around $109,000. However, it continued a downward trend, climbing back up momentarily before falling further. 

On Nov. 21, it fell close to $82,000, the lowest in seven months. 

Some market watchers have warned that Bitcoin’s drop could signal the start of a prolonged downturn.

JPMorgan disagrees, writing that recent volatility does not point to an impending crypto winter.

“The sell-off this past month triggered worries throughout crypto media and markets that the crypto ecosystem may be entering the next crypto winter,” analysts wrote.

“While we don't anticipate the end of the current bull cycle, we do acknowledge this November pullback as meaningful.”

The bank noted that Bitcoin ended November around 9% below its January starting level, marking its first year-over-year decline since May 2023. 

JPMorgan also observed that digital asset prices were “inflated immediately following the 2024 U.S. general election,” coinciding with President Donald Trump’s return to office, which they say contributed to stretched valuations.

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JPMorgan’s Bitcoin outlook

In a late November research note, JPMorgan outlined a long-term price target of $240,000 for Bitcoin. 

The bank cited its evolving market structure and increasing sensitivity to macroeconomic conditions. It argued that BTC’s performance is no longer primarily driven by its four-year halving cycle, a pattern historically associated with major bull markets.

At the time of writing, Bitcoin was down 2.2%, trading at $92,337.33, as per CoinGecko.

Related: JPMorgan issues new crypto stock ratings after MSCI backlash