JPMorgan Flags Bitcoin as Oversold Versus Gold After 40% Drop From October Peak

On 5 February 2026, JPMorgan strategist Nikolaos Panigirtzoglou argued that Bitcoin's steep slide of more than 40% from its October high has left it deeply oversold compared with gold, which has risen by about one-third since autumn. The bank says Bitcoin's current price below its estimated $87,000 production cost, combined with ETF outflows and extreme pessimism, could signal capitulation-level stress and a potentially attractive entry point for long-term investors.