JPMorgan has asserted that Bitcoin’s support level has decreased to $77,000, down from $90,000 earlier this year, amid a decline in mining difficulty and hashrate, with the latter attributed to unprofitable high-cost miners and severe winter storms in Texas that disrupted operations. Despite this downturn, the analysts, led by Nikolaos Panigirtzoglou, foresee a recovery, expecting efficient miners to capture lost market share and pointing to a rebound in hashrate. Looking ahead to 2026, JPMorgan remains optimistic about the crypto market, anticipating increased institutional investment driven by forthcoming U.S. regulations like the Clarity Act, and maintains a long-term bitcoin target of $266,000, positioning it as a hedge akin to gold once market sentiment stabilizes.
JPMorgan sees bitcoin support near $77,000, predicts crypto optimism for 2026
