Bitcoin’s price volatility has seen a significant decrease in recent times, dropping from over 60% to record lows of 30% in 2025. Despite experiencing an 11% decline in August, with the price falling from above $124,000, Bitcoin has not yet shown strong support or a decisive rebound at the $110,000 level. This has led JP Morgan analysts, led by Managing Director Nikolaos Panigirtzoglou, to consider the current BTC price as ‘undervalued’ against gold.
The analysts have pointed out that a strong accumulation of over 6% by corporate treasuries has played a significant role in suppressing Bitcoin’s volatility. In comparison to gold, the volatility of the Bitcoin/Gold ratio has dropped to a record low of 2, indicating that BTC consumes twice as much risk capital as gold in client portfolios.
This lower volatility has presented a strong buying opportunity for investors, with high inflows from exchange-traded funds (ETFs) and crypto treasuries signaling favorable market conditions for accumulating BTC. JP Morgan estimates that Bitcoin needs to rise by 13% to match gold’s $5 trillion private allocation. With Bitcoin’s current market cap standing at $2.2 trillion, a 13% increase would push BTC’s fair value to around $126,000.
Analyst Nikolaos Panigirtzoglou suggests that this target could be reached by the end of the year. On-chain data also indicates that Bitcoin remains undervalued and is approaching a local bottom, provided that current 2025 trends continue. The True MVRV valuation metric supports this view, showing that previous local bottoms in May and June occurred when the indicator hit 1.6. The indicator has dropped to the same level at the time of writing, suggesting that a bottom could be reached if upcoming inflation data favors risk assets.
If July inflation data comes in cooler than expected, it could boost September rate cut expectations and lead to BTC price recovery. Conversely, a hotter or higher inflation print could trigger a bearish sentiment in the short term. Overall, the current market conditions and indicators point towards a potential swing back to $126,000 for Bitcoin in the near future. It’s no secret that the world is facing a crisis when it comes to climate change. The Earth’s temperature is rising at an alarming rate, leading to more frequent and severe natural disasters, such as hurricanes, wildfires, and droughts. The effects of climate change are being felt all around the globe, from the melting ice caps in the Arctic to the bleaching coral reefs in the Great Barrier Reef.
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