Only 5% of clients surveyed by JPMorgan believe that the price of the first cryptocurrency will reach $ 100,000 by the end of 2022. More than 40% believe it will return to the $ 60,000 level, Bloomberg reports.
“I am not surprised by the bearish attitude towards Bitcoin. Our futures-based indicator looks oversold, ”said the bank’s strategist Nikolaos Panigirtzoglu.
According to him, the fair value of the cryptocurrency is in the range of $ 35,000- $ 73,000.
JPMorgan Survey Results. Data: Bloomberg.
On November 10, 2021, the bitcoin rate renewed its all-time high at around $ 69,000. Following this, the coin rolled back from record levels amid news of a possible default of the largest Chinese developer Evergrande.
A market crash followed in early December, attributed by some analysts to ongoing problems at Evergrande. Galaxy Digital Research cited the reasons for the general nervousness of the market due to the identification of a new strain of COVID-19, as well as statements by Fed Chairman Jerome Powell about a possible acceleration in the rate of reduction in the volume of bond buybacks.
On January 6, 2022, the bitcoin price fell below $ 43,000 amid the publication of the minutes of the Fed meeting, in which the regulator confirmed its readiness to raise interest rates faster than expected. On January 10, the cryptocurrency failed the $ 40,000 level.
Earlier, investment director of Bitwise Asset Management Matt Hugan admitted that $ 100,000 could be the target for Bitcoin in 2022. Confidence that digital gold will achieve this mark was expressed by the President of Salvador Nayyib Bukele.
SkyBridge Capital founder Anthony Scaramucci said that bitcoin will “easily” reach the $ 500,000 price point. In his opinion, this will happen in late 2024 or mid-2025.
Ark Invest founder Katie Wood predicted the same mark for digital gold quotes. She did not indicate the time frame.
Stay in touch! Subscribe to World Stock Market in Telegram.
I am Derek Black, an author of World Stock Market. I have a degree in creative writing and journalism from the University of Central Florida. I have a passion for writing and informing the public. I strive to be accurate and fair in my reporting, and to provide a voice for those who may not otherwise be heard.