JPMORGAN: BITCOIN NOW LOOKS CHEAP VS. GOLD AFTER FUTURES SELL-OFF JPMorgan strategist Nikolaos Panigirtzoglou said bitcoin’s sharp drop — over 20% in October after peaking at 126,000 — was driven by heavy deleveraging in futures and fallout from a 128 million crypto theft. With leverage back to normal levels, he said bitcoin now appears undervalued relative to gold on a volatility-adjusted basis. To match gold’s private investment value, bitcoin’s price would need to rise about two-thirds to 170,000. Panigirtzoglou added that most of the futures unwinding is likely over, making bitcoin’s near-term outlook more stable.(*Walter Bloomberg)