PANews reported on August 28 that JPMorgan analysts said that Bitcoin's current price is "too low" compared to gold because its volatility has fallen to a historical low; Bitcoin's volatility has dropped from nearly 60% at the beginning of the year to about 30% now, a record low; therefore, Bitcoin's fair value is approximately US$126,000, and this target is expected to be achieved before the end of the year. Analysts say that factors such as corporate capital accumulation, index-driven inflows, and declining volatility have combined to increase Bitcoin's investment value. Lower volatility makes it easier for institutional investors to allocate capital, and the risk-adjusted valuations of Bitcoin and gold are now closer than ever. Analysts say that the volatility ratio of Bitcoin to gold has fallen to 2.0—the lowest level on record—meaning that Bitcoin consumes twice as much risk capital as gold in current portfolio allocations. Based on this, for Bitcoin's $2.2 trillion market capitalization to match the approximately $5 trillion in private gold investment, its market capitalization would need to increase by approximately 13%, or a theoretical price of $126,000. Analysts also note that this gap has shifted, from trading $36,000 above this fair value level at the end of 2024 to approximately $13,000 below it today, indicating that Bitcoin still has potential for further growth.