JPMorgan Says Bitcoin Too Cheap vs Gold as Volatility Hits Historic Low — Model Implies $126,000 Target (~$16K Upside)

According to JPMorgan research cited by Coindesk, Bitcoin has seen its six‑month rolling volatility halve—from near 60% early in the year to roughly 30%—establishing a new historical low and narrowing the gap with gold. The reduction in realized volatility has led the bank to flag Bitcoin as increasingly relevant for institutional portfolios seeking diversified exposure with improved risk metrics.

JPMorgan’s volatility‑adjusted framework estimates that Bitcoin’s market cap would need to expand by about 13% to match the private investment scale of gold, implying a parity price near $126,000. The model positions Bitcoin as roughly $16,000 undervalued versus gold on a volatility‑normalized basis, according to the bank’s calculations.

For portfolio managers, the convergence in volatility profiles recalibrates the asset’s risk‑return profile and may influence allocation and hedging decisions; these conclusions are based on JPMorgan’s model and publicly reported metrics rather than forward‑looking guarantees.