Why JPMorgan is saying bitcoin could hit 165K, plus a look at 'Uptober'

Market Trends & Predictions - JP Morgan predicts Bitcoin could reach $165,000 by year-end, approximately 40% higher than current levels [1] - The rise in Bitcoin and gold popularity reflects growing economic anxieties, with retail investors investing in both since late 2024 [2] - October is seasonally the strongest month for Bitcoin, and Q4 tends to be the strongest quarter for crypto [6] - Some projections estimate Bitcoin could reach $200,000 by year-end [5] Valuation & Performance - Bitcoin was considered $36,000 overvalued compared to gold at the end of 2024, but is now roughly $46,000 undervalued [4] - Gold prices are fairly steady and heading for their seventh consecutive weekly rise [4] - Gold tends to front-run Bitcoin, suggesting a potential rotation from analog gold to digital gold [8] Factors Influencing Bitcoin - JP Morgan revised its Bitcoin call higher due to stronger demand for safe-haven assets like gold and increased retail investor involvement [5] - Liquidity tailwinds, such as stablecoin issuance, are positive for blockchains like Ethereum and Solana [7] - The market is focused on earnings growth and is dialing back the noise from fiscal policy uncertainty [13] Blockchain Technology & Investment - Venture capital is seen as a key area for accessing blockchain technology, particularly in private markets [15] - Increased legislative support and clarity could lead to a real transformation and legitimacy in the crypto industry [16]