JP Morgan: The ability to avoid selling Bitcoin is a key support for BTC prices in the short term

JP Morgan analysts believe that whether Strategy (formerly MicroStrategy), which holds a large amount of Bitcoin, can maintain its enterprise value to Bitcoin ratio above 1 and avoid selling BTC is key to determining the short-term price trend of Bitcoin. Although the model production cost of Bitcoin has dropped to $90,000 and miners are facing selling pressure, the additional $1.44 billion cash reserve from Strategy provides a buffer, reducing the risk of the company being forced to sell Bitcoin, thereby stabilizing the recent outlook for Bitcoin. The 40% decline in Strategy's stock since October has largely absorbed the risk exclusion from the MSCI index. Analysts predict that based on volatility-adjusted comparisons with gold, the theoretical price of Bitcoin could still reach $170,000 in the next 6-12 months