Bitcoin Price Forecast: JP Morgan Calls BTC to Outperform Gold

Bitcoin trades at $77,831 as of September 18, up 1.43% on the day, and the timing of that move lines up with a research note most traders didn’t see coming from a Wall Street bank. Any Bitcoin price forecast worth reading right now has to account for it: JPMorgan is telling clients Bitcoin has more upside room than gold right now. Why? Not because of some crypto conversion story, but because of options and short-interest mechanics buried in ETF (exchange-traded fund) positioning data. What that mechanical edge actually means for price targets is where things get interesting. JUST IN: JPMorgan says Bitcoin could outperform gold if investors unwind ETF hedges. Gold ETFs have fully recovered earlier outflows, while Bitcoin ETFs have only recovered half, leaving more room for upside. — The Block pic.twitter.com/OqqIFlFhw0 — Bitcoin Archive (@BitcoinArchive) September 17, 2026 JPMorgan analysts led by Nikolaos Panigirtzoglou published the note on September 16, pointing to two structural gaps. BlackRock’s iShares Bitcoin Trust (IBIT) carries short interest sitting near 2026 highs, while the SPDR Gold Shares ETF (GLD) sits below its historical average. IBIT’s put-to-call open interest rat...