Catenaa, Wednesday, November 19, 2025- Bitcoin’s support level has moved near $94,000 as JPMorgan analysts say rising production costs have tightened downside pressure while leaving their six to twelve month upside case of about $170,000 unchanged.
The bank’s team attributed the higher floor to a sharp climb in network difficulty, which has increased the amount of computing power needed to mine new blocks.
The analysts said estimated production cost rose from roughly $92,000 in recent weeks and now sits close to the bank’s support line.
They noted that bitcoin’s price currently trades near $102,300, placing the ratio of market price to production cost slightly above 1.0, which they described as near the lower edge of its historical range. They added that this pattern has repeatedly acted as a stabilizing force during earlier cycles.
The report also maintained the bank’s upside projection of about $170,000. That view is based on bitcoin’s volatility-adjusted comparison to gold.
The team said bitcoin draws around 1.8 times more risk capital than gold, and that parity with private investment in gold through ETFs, bars, and coins would require bitcoin’s market value to rise by about two thirds from current levels. This would place its price close to the $170,000 mark.
The analysts said last month’s view that bitcoin looked undervalued against gold still holds, though they cautioned that recent liquidations and weak sentiment make a year-end target unlikely.
They added that earlier projections near $126,000 aligned with bitcoin’s October peak before the large liquidation event.
