JPMorgan is sticking with its long-run bitcoin upside framework, including a $266,000 per-coin target, even as the bank flags near-term stress signals around mining economics and still-chilly risk sentiment heading into 2026.
The bank’s latest read hinges on two pillars: a “soft” floor around bitcoin’s production cost, and a valuation model that maps bitcoin’s potential market cap against private-sector gold investment on a volatility-adjusted basis.In the near term, JPMorgan frames the cur