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Bitcoin’s Fair Value Is $170K, JPMorgan Argues in Gold-Based Model

JPMorgan analysts forecast that Bitcoin could climb to about $170,000 within the next six to twelve months, up from roughly $101,000 today, based on a gold‑based valuation model. The model assumes Bitcoin requires 1.8 × more risk capital than gold and that its market cap must grow by two‑thirds to match the $6.2 trillion private investment base in gold, implying a price of $170,000. The bank attributes the recent crypto sell‑off to liquidations in perpetual futures and says that deleveraging is now largely behind the market, setting the stage for a rebound. The projection is presented as a mechanical exercise rather than a sentiment‑driven call.