JPMorgan strategist Nikolaos Panigirtzoglou believes Bitcoin (BTC) is significantly undervalued when compared to gold, considering volatility-adjusted standards. Panigirtzoglou notes that leverage within the Bitcoin market has normalized, reducing the risk of drastic sell-offs. He estimates that Bitcoin would need to increase by approximately 66% to reach $170,000 within the next 6-12 months to align with the private sector's investment value in gold. This valuation suggests considerable upside potential for Bitcoin based on JPMorgan's analysis of comparative asset value. While this target price seems ambitious, it reflects a belief that Bitcoin could capture a larger share of the safe-haven asset market currently dominated by gold. Factors influencing this shift could include increased institutional adoption of Bitcoin and growing concerns about inflation, further solidifying Bitcoin's position as a store of value. ```