$BTC On December 5, despite Bitcoin’s recent sharp decline, JPMorgan maintained its “volatility-adjusted Bitcoin vs. Gold model,” which projects a theoretical target price of about $170,000 for Bitcoin over the next 6 to 12 months. In a Wednesday report, JPMorgan noted that Strategy remains a key driver for Bitcoin, and the market is closely watching its enterprise value to Bitcoin holdings ratio (mNAV). This ratio is currently around 1.13, and if it falls below 1.0, it will be seen as a risk signal for “forced selling.” For now, mNAV remains above 1.0, which is reassuring. Analysts pointed out that the company holds $1.4 billion in reserve funds, serving as a buffer to avoid having to sell Bitcoin. They also emphasized that MSCI’s index decision on January 15 will serve as an “asymmetric catalyst”: if excluded, the l