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JPMorgan analysts say Bitcoin now looks "cheap next to gold," assigning a $170,000 fair-value target as the market enters a new bottoming phase near $100K. Meanwhile, Kazakhstan is preparing a $1 billion national crypto reserve funded by gold, foreign currency, and seized assets — marking another sovereign step toward Bitcoin standardization.

Elsewhere, Cathie Wood trims her BTC forecast by $300K, Tom Lee says tailwinds are forming, and U.S. ETFs are matching bonds in investor demand even amid government gridlock. With institutional and national accumulation surging, the next leg of the Bitcoin supercycle may already be forming.

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