JPMorgan's latest report states that the key to Bitcoin's short-term trend lies not in miner selling pressure but in whether MicroStrategy (MSTR) can maintain an enterprise value/Bitcoin holdings ratio (EV/BTC) above 1, thus avoiding BTC sell-offs. The current ratio is about 1.13, and MicroStrategy has built up $1.44 billion in reserves, enough to cover two years of interest and dividends, reducing the risk of forced selling. If MSCI ultimately does not remove it on January 15, MSTR and BTC could see a strong rebound; even if it is removed, the negative impact is largely priced in. JPMorgan still maintains its mid-term target price model, with BTC's theoretical valuation at approximately $170,000. (The Block) https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=6&id=52981