JPMorgan Chase analysts said Bitcoin is now priced "too low" relative to gold and assigned the cryptocurrency a fair-value estimate of $126,000 by the end of 2025. With Bitcoin trading near $112,000 at midday Thursday, the projection implies roughly 13% upside and suggests the token is undervalued by about $16,000 on a volatility-adjusted basis. The bank’s research note highlights a sharp decline in Bitcoin’s six-month rolling volatility to a record low of 30%, down from around 60% at the start of the year. As a result, Bitcoin is currently only twice as volatile as gold—the narrowest gap ever recorded—bringing the asset’s risk profile closer to that of the precious metal. JPMorgan attributes the muted price swings to accelerating purchases by corporate treasuries, which the bank estimates now hold more than 6% of the total bitcoin supply. The analysts added that passive inflows linked to index inclusions and spot Bitcoin exchange-traded funds are likely to continue, supporting their view that the token can reach the $126,000 level before year-end.