JPMorgan analysts have identified Bitcoin futures as oversold, while noting that gold and silver futures are currently overbought. This shift reflects a growing preference among both retail and institutional investors for precious metals over Bitcoin. Despite short-term risks, analysts are optimistic about gold's long-term potential, projecting a price range of $8,000 to $8,500 per ounce. They attribute this to increasing gold holdings by private investors and central banks, with expectations that private investor holdings could rise from just over 3% to 4.6% in the coming years.