Bitcoin’s Big-Picture Breakout: Why JPMorgan Now Sees a Path Toward $240,000

Bitcoin’s long-term narrative is shifting, and JPMorgan’s latest market note captures that transformation with unusual clarity. The bank suggests that BTC has the potential to rise toward $240,000 over the long run—not as part of a typical crypto cycle, but as the result of a market that’s maturing into a macro-driven asset class.

The projection arrives after a challenging phase for digital assets. Bitcoin, which touched $126,000 in early October, slipped to nearly $82,000 in November before finding firmer ground around $86,610. What once looked like a standard post-halving cooldown is increasingly being interpreted as something broader: crypto reacting to the same global economic tides that sway major asset classes.

JPMorgan’s analysts noted that the crypto ecosystem no longer mirrors the venture-capital-like frenzy it once had. Early-stage tokens that previously depended on oversized private fundraising rounds often left everyday investors entering late at inflated prices. Now, retail enthusiasm has pulled back while institutions have stepped in, providing deeper liquidity and reducing the market’s dependence on sentiment-driven trading.

According to the bank’s commentary, Bitcoin’s price behavior is becoming less about its famous four-year halving rhythm—where supply slows and bullish trends historically follow—and more about the macro environment shaping capital flows across the world. A speaker at the bank’s event underscored this shift, explaining that Bitcoin should now be viewed as a multi-year growth asset, not merely a cyclical one, and suggesting that its long-run trajectory could “potentially reach $240K.”

Even as crypto matures, the bank emphasized that the asset class remains “liquid yet structurally inefficient.” Uneven liquidity and fragmented markets mean sharp swings can still occur, offering both opportunity and volatility in equal measure.