JPMorgan pointed to $85,000, which it estimates as bitcoin’s average production cost, as a key threshold for the mining industry. It said miners’ selling pressure could ease if bitcoin holds that price range.

On Sept. 24, U.Today reported that JPMorgan assessed bitcoin as having risen above $85,000, its estimated average production cost, during a rebound this week. Bitcoin stayed below the production cost for 280 days before recovering that level for the first time this week. It later fell again and is trading around $84,000.

JPMorgan views the production cost as bitcoin’s “soft floor.” If bitcoin falls below the production cost, less efficient miners may need to sell more of the bitcoin they hold. If the price stays above the production cost, the pressure on miners’ profitability could ease.

Still, a temporary move above the production cost does not immediately improve miners’ economics. JPMorgan said bitcoin would need to trade at or above the estimated production cost for a period of time for conditions to improve enough for miners to feel it. Bitcoin briefly moved above $85,000 and then slipped back below it, and it has yet to be confirmed how long this upswing will last.

JPMorgan also released an analysis of bitcoin’s long-term value this year. A research team led by Nikolaos Panigirtzoglou (니콜라오스 파니기르초글루) compared gold and bitcoin on a volatility-adjusted basis in February and assessed that bitcoin could be valued at about $266,000 over the long term. JPMorgan presented the figure as a long-term valuation benchmark rather than a short-term target.

In November 2025, it used the same volatility-adjusted comparison with gold to suggest bitcoin could rise to about $170,000 over the next 6 to 12 months.

In this analysis, JPMorgan’s focus was miners’ profitability rather than a long-term price target. It said selling pressure from miners could decline if bitcoin stays consistently above $85,000, but the burden of selling could continue if it falls back below the production cost.