JPMorgan Chase: Expects Bitcoin's support level to be at $94,000, and maintains an upward expectation of $170,000

BlockBeats News, November 13th, according to The Block, Morgan Stanley analysts stated that Bitcoin has "very limited" downside from its current price level, with its support price around $94,000. The analyst team, led by Managing Director Nikolaos Panigirtzoglou, pointed out in a report released on Wednesday that Bitcoin's estimated production cost — historically seen as a bottom or support price — has risen from around $92,000 to around $94,000 recently.

At the same time, the analysts reiterated last week's forecast of a price increase of about $170,000 for Bitcoin in the next 6-12 months based on a comparison of Bitcoin to gold volatility adjustments.