JPMorgan Client Survey: Majority Expect Bitcoin Price to Reach $60K or More This Year
Global investment bank JPMorgan has asked its clients what they think the price of bitcoin will be by year-end. Among the bank’s clients who responded, 55% expect the price of bitcoin to end the year at $60K or higher. What JPMorgan’s Clients Expect the Price of Bitcoin to Be by Year-End
JPMorgan has conducted a survey of its clients about what they expect the price of bitcoin to be by year-end. The global investment bank released the results earlier this week. The survey was conducted between Dec. 13 and Jan. 7 as part of a broader macroeconomic outlook for 2022. Forty-seven of JPMorgan’s clients participated in the survey.
About 41% of the bank’s clients who responded expect bitcoin to end the year at around $60,000. 23% expect the price to be $20,000 while 20% expect it to be $40,000.
In addition, 9% believe that the price of BTC will reach $80,000, 5% think that it could be $100,000 or more, while 2% expect it to fall to $10,000 or lower. JPMorgan’s client survey about their bitcoin price expectation. Source: JPMorgan
Nikolaos Panigirtzoglou, a JPMorgan strategist and an author of the research note that included the survey, commented: I’m not surprised by bitcoin’s bearishness … Our bitcoin-position indicator based on bitcoin futures looks oversold.
He added that the cryptocurrency’s fair value is between $35,000-$73,000, depending on what investors assume about its volatility ratio compared to gold.
At the time of writing, the price of bitcoin is $43,291 based on data from Bitcoin.com Markets.
Recently, the president of El Salvador, Nayib Bukele, predicted that the price of bitcoin will reach $100,000 by the end of the year. Global investment bank Goldman Sachs also sees the $100,000 level for BTC as a possibility. Crypto lending platform Nexo, however, expects the price of BTC to hit $100K by the middle of this year. Tags in this story bitcoin prediction, bitcoin"s price, jpmorgan, jpmorgan bitcoin, JPMorgan bitcoin price prediction, JPMorgan clients, jpmorgan cryptocurrency, jpmorgan survey
What is your bitcoin price prediction? Let us know in the comments section below. Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Visa: One in Four Businesses Surveyed Plan to Accept Cryptocurrency Payments This Year FEATURED | 7 hours ago Financial Guru Dave Ramsey Says Crypto Is "Fun," Here to Stay, Can Be Part of Portfolios FEATURED | 2 days ago
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