January 13, 2026<\/p>\n\n\n\n
By Our Correspondent<\/p>\n\n\n\n
Analysts at JPMorgan argue that, once volatility is taken into account, Bitcoin appears undervalued relative to gold. Their case rests on a narrowing gap in risk. The ratio of Bitcoin\u2019s volatility to gold\u2019s has fallen to 1.8, implying that Bitcoin now carries only 1.8 times the risk of the yellow metal. The change owes less to Bitcoin\u2019s newfound calm than to gold\u2019s recent turbulence: a sharp rally to record highs in October pushed gold\u2019s volatility higher, making it, paradoxically, the riskier asset.<\/p>\n\n\n\n
On this basis JPMorgan estimates that Bitcoin\u2019s market capitalisation\u2014currently around $2.1trn\u2014would need to rise by more than two-thirds to reflect the revised risk balance. That would correspond to a price close to $170,000 per coin. Though the bank stresses that this is a mechanical exercise rather than a forecast, it nevertheless sees \u201csignificant upside\u201d for Bitcoin over the next six to twelve months.<\/p>\n\n\n\n
Such optimism sits uneasily alongside a growing sense of restraint elsewhere in the market. Bitcoin slipped below $100,000 this week, breaking a psychological support level for the first time in four months. In response, several analysts have trimmed their price targets. Macroeconomic headwinds, including trade-related uncertainty, and the violent sell-off on October 10\u2014which produced the largest 24-hour liquidation in the cryptocurrency\u2019s history\u2014have tempered expectations. Few now believe Bitcoin will reclaim $125,000 by the end of 2025.<\/p>\n\n\n\n
Galaxy, an investment firm, cut its 2025 Bitcoin forecast to $120,000 from $185,000, citing a rotation of capital into rival narratives, shifting market dynamics, and heavy selling by large holders, who offloaded some 400,000 coins in October. Alex Thorn, Galaxy\u2019s head of research, argues that Bitcoin has entered what he calls a \u201cmaturity era\u201d, characterised by institutional participation, passive inflows and declining volatility.<\/p>\n\n\n\n
If so, the days of explosive rallies may be over. With exchange-traded funds absorbing liquidity and smoothing price movements, future gains are likely to be steadier\u2014and slower\u2014than the cryptocurrency\u2019s more feverish past would suggest.<\/p>\n\n\n\n
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January 13, 2026 By Our Correspondent Analysts at JPMorgan argue that, once volatility is taken into account, Bitcoin appears undervalued relative to gold. Their case rests on a narrowing gap in risk. The ratio of Bitcoin\u2019s volatility to gold\u2019s has fallen to 1.8, implying that Bitcoin now carries only 1.8 times the risk of the […]<\/p>\n","protected":false},"author":4,"featured_media":10313,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-10310","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uncategorized"},"yoast_head":"\n