River's $840K Bitcoin Price Model Gains Traction Amid Bullish Predictions

A new Bitcoin price valuation model suggests the cryptocurrency could reach $840,000 within three to five years. River, a financial services company, developed the model by assuming that investors will gradually follow Wall Street guidance and allocate between 1% and 7% of their portfolios to Bitcoin.

The estimated price range for Bitcoin is between $250,000 and $840,000, which would require significant market capitalization growth. The current market capitalization of Bitcoin is around $1.56 trillion, according to CoinGecko.

Meanwhile, Siebert senior research analyst Brian Vieten has predicted a 12-month price target of $175,000 for Bitcoin. He believes that the June low marked the bottom and that the current market is comparable to January 2023, when Bitcoin was emerging from its previous bear market.