JPMorgan Lifts Bitcoin Support Level to $94,000 as Mining Costs Rise

JPMorgan has raised its estimated support level for bitcoin to approximately $94,000, reflecting increased production costs driven by higher network difficulty. The bank continues to project a six to twelve month upside target of around $170,000, based on bitcoin's volatility-adjusted valuation relative to gold. With bitcoin trading near $102,300, the price-to-production-cost ratio stands slightly above 1.0, a level that has historically provided support during previous market cycles.