This Major U.S. Bank Believes the Crypto Bull Run Will Continue

While some predict the end of the bullish cycle, JP Morgan takes the opposite stance. The largest U.S. bank is betting on a prolonged crypto bull run extending well beyond 2025, driven by institutional adoption.

• JP Morgan believes Bitcoin is entering an institutional super cycle.
• The bank targets up to $240,000 for Bitcoin by 2026.
• Risks remain, but overall market sentiment stays strongly bullish.

JP Morgan Foresees an Institutional-Led Crypto Super Cycle

When JP Morgan comments on cryptocurrencies, the market listens closely. Despite ongoing criticism from CEO Jamie Dimon, who still calls Bitcoin a fraud, the bank’s analysts offer a far more pragmatic view. Their conclusion is straightforward: the crypto market is fundamentally changing.

In their latest reports, Bitcoin no longer acts as a simple cyclical asset tied to four-year halvings. It is increasingly behaving like a macro asset, responsive to interest rates, global liquidity, and institutional inflows.

This shift signals, per JP Morgan, the start of a longer, more stable super cycle less reliant on retail speculation.

The November 2025 correction—a roughly 9% drop to around $82,000—did not alter this outlook. The bank viewed it as a healthy pullback after post-U.S. election euphoria. Fundamentals remain solid, and institutional adoption is accelerating.

Bitcoin ETFs, corporate treasury additions, and bank tokenization experiments are key drivers. JP Morgan itself recently issued $100 million in tokenized debt on the Solana blockchain.

Ambitious Projections Positioning Bitcoin Alongside Gold

Short- to medium-term, the bank targets $170,000 for Bitcoin by late 2025 or early 2026—a steady upward path based on renewed liquidity, robust credit markets, and restored risk appetite.

Longer-term, analysts project $240,000, supported by Bitcoin’s expanding role as a store of value. They argue Bitcoin remains significantly undervalued relative to gold, offering substantial catch-up potential as institutional flows create a structural market floor.

Ongoing accumulation by players like MicroStrategy—adding thousands of BTC—directly supports this momentum.

An extended bull run into 2026 is gaining traction, backed by broader trends including AI development, financial asset tokenization, and emerging state strategies favoring digital reserves.

In this environment, Bitcoin’s status is transforming dramatically—from a mere alternative asset to a core pillar of the global financial system.

Debate Intensifies Between Macro Caution and Social Euphoria

JP Morgan acknowledges risks nonetheless. Bitcoin remains correlated with risk assets; a sharp recession, resurgent inflation, or monetary tightening could disrupt momentum. Miner pressure adds another layer of volatility to monitor.

Conversely, some institutions stay cautious. Morgan Stanley, adhering to traditional cycles, warns of a potential crypto winter in 2026. JP Morgan dismisses this, arguing the paradigm has shifted due to deeper institutional participation.

Social media buzz has exploded since early December, with JP Morgan’s forecasts fueling ultra-bullish sentiment. Crypto influencers predict year-end rallies, while skeptics accuse banks of market manipulation. Despite dissent, the overall mood remains euphoric.

One fact stands out: when a powerhouse like JP Morgan declares the crypto bull run far from over, it commands attention. Amid macro conviction and collective excitement, every signal matters—and JP Morgan sees the bull run as only midway through.