The market hasn't fully recovered from the October crash. Total market capitalization has shrunk by nearly $800 billion, and sentiment is clearly bearish. However, JPMorgan Chase's viewpoint is somewhat "headwinding." The core logic boils down to three points: 1️⃣ Institutional funds will continue to flow in. 2️⃣ The regulatory environment is gradually becoming clearer. 3️⃣ A structural uptrend may occur in 2026. They even calculated a production cost of $77,000 for Bitcoin. This figure is crucial. If BTC remains below this price for an extended period, miners will be eliminated; Decreased hashrate → decreased costs → market rebalancing. This is a "self-correcting model." However, note a detail: They said "growth will be institutionally driven." This statement actually means—volatility will be more controllable, but get-rich-quick stories may be fewer. In other words: the next bull market may not be as wild.