Global funding financial institution JPMorgan has requested its purchasers what they assume the price of bitcoin shall be by year-end. Among the financial institution’s purchasers who responded, 55% count on the price of bitcoin to finish the yr at $60K or larger.
What JPMorgan’s Clients Expect the Price of Bitcoin to Be by Year-End
JPMorgan has performed a survey of its purchasers about what they count on the price of bitcoin to be by year-end. The world funding financial institution launched the outcomes earlier this week. The survey was performed between Dec. 13 and Jan. 7 as a part of a broader macroeconomic outlook for 2022. Forty-seven of JPMorgan’s purchasers participated within the survey.
About 41% of the financial institution’s purchasers who responded count on bitcoin to finish the yr at round $60,000. 23% count on the price to be $20,000 whereas 20% count on it to be $40,000.
In addition, 9% consider that the price of BTC will attain $80,000, 5% assume that it may very well be $100,000 or extra, whereas 2% count on it to fall to $10,000 or decrease.
Nikolaos Panigirtzoglou, a JPMorgan strategist and an writer of the analysis observe that included the survey, commented:
I’m not shocked by bitcoin’s bearishness … Our bitcoin-position indicator based mostly on bitcoin futures appears to be like oversold.
He added that the cryptocurrency’s honest worth is between $35,000-$73,000, relying on what buyers assume about its volatility ratio in contrast to gold.
At the time of writing, the price of bitcoin is $43,291 based mostly on knowledge from Bitcoin.com Markets.
Recently, the president of El Salvador, Nayib Bukele, predicted that the price of bitcoin will attain $100,000 by the top of the yr. Global funding financial institution Goldman Sachs additionally sees the $100,000 stage for BTC as a chance. Crypto lending platform Nexo, nonetheless, expects the price of BTC to hit $100K by the center of this yr.
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