A recent survey found that the majority of JPMorgan customers don’t expect bitcoin to surpass $100,000 within the next 12 months. However, 40% of participants still expect bitcoin to be worth around $60,000 by year’s end.
JPMorgan Clients Don’t Expect BTC at $100K this Year
Despite numerous predictions and forecasts from analysts and experts, the largest cryptocurrency in terms of market capitalization didn’t manage to reach $100,000 last year. Bitcoin ended 2021 in a downtrend that continued into 2022.
Analysts and supporters of the asset believe it can still reach this level within the next 12 months.
According to a Bloomberg poll, the majority of JPMorgan Chase & Co clients are skeptical about such a scenario. Only 5% of respondents see bitcoin trading at more than $100,000 by 2022.
Nikolaos Panigirtzoglou, a strategist at Bank of Cyprus, said that he was not surprised by the bearishness displayed by clients regarding BTC’s future. According to Panigirtzoglou, the coin’s “fair value” is between $35,000-$73,000 and that depends on how investors view its volatility relative to gold.
It’s worth noting that bitcoin is expected to trade at approximately $60,000 by the end of the year, which is 41% more than the current price.
The Contrary Forecasts
Nayib Bukele, the El Salvador President pro-bitcoin, predicted that the top cryptocurrency would reach $100K in price by 2022. This is contrary to JPMorgan’s clients. He predicted that at least two other countries would follow his lead and adopt Bitcoin as a legal currency over the next year.
Antoni Trenchev, Nexo’s co-founder, also believes that the asset will reach the six-digit mark. He believes that such a price rise will be driven by rising institutional adoption, which will occur by the middle 2022.
The 35-year old Bulgarian also stated that bitcoin was an inflation hedge comparable to gold. BTC’s USD price could rise because of the current high inflation rate in many countries.
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