Market Analysis and Price Targets
Bitcoin’s recent decline is consistent with a healthy correction, and downside risk remains limited, according to The Block’s material about JPMorgan. The bank maintains its 6–12 month price target of roughly $170,000. Analysts led by Nikolaos Panigirtzoglou said Bitcoin’s estimated production cost — now near $94,000 — has historically acted as a reliable support level. The figure has risen from earlier estimates as network difficulty increased sharply in recent months, raising the cost of mining new blocks. JPMorgan noted that the ratio between market price and production cost is hovering just above 1.0, placing it near the lower end of its long-term range. The bank frames the current levels as an accumulation zone rather than a sign of market exhaustion.
Recent Price Movements and ETF Activity
Today, Bitcoin briefly fell to $96,000 for the first time since May, with the broader market moving lower in tandem. ETH and SOL each declined by about 9%. Market conditions were also influenced by ETF activity. On Nov. 13, Bitcoin ETFs saw $870 million in net outflows, marking the second-largest single-day withdrawal since the Bitcoin ETF went live. The biggest outflow was recorded on Feb. 25, when total redemptions surpassed $1 billion.
Flows across altcoin ETFs moved in different directions:
- •Ethereum: -$259.7 million
- •Solana: +$1.4 million
- •XRP: +$58 million
Broader Market Context
The pullback follows a period of mixed macro signals. Despite the end of the U.S. government shutdown and continued strength in equities, crypto assets have struggled to regain momentum, drawing increased attention from market analysts.