JPMorgan analysts believe that Bitcoin exceeding the $85,000 level is critically important for the miners' economy. Bitcoin spent 280 days below the production cost level before managing to rise above it this week. However, the price soon dropped back below this mark, trading around $84,000. JPMorgan considers this production cost level as a 'soft floor' for Bitcoin. Inefficient operators may be forced to sell more of their Bitcoin reserves when the BTC price is below production costs. Conversely, when the price is above the $85,000 mark, Bitcoin has more opportunities for growth. This is why JPMorgan sees the $85,000 level as significant. At the same time, it remains to be seen how sustainable this rally will be.
Bitcoin briefly crossed the $85,000 mark during the last rally but soon fell back below this point. A temporary exceedance of the production cost level will not instantly change the mining economics. Bitcoin needs to stay around or above the estimated production cost boundary long enough for miners to feel a significant improvement.
In February, analysts led by Panigirtzoglou predicted that Bitcoin could eventually reach around $266,000 based on volatility adjusted compared to gold. In November 2025, the bank estimated the potential price growth of Bitcoin to approximately $170,000 over the next six to twelve months. At that time, similar volatility adjusted compared to gold was also used.
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