41% of customers surveyed believe Bitcoin will cost USD $60,000 and only 5% say it will be worth over USD $100,000.
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Even with today’s low prices, with a Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. at USD $41,800, according to data from CryptoMarkets most of the bank’s customers JPMorgan Chase are optimistic and see the main cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. ending 2022 above USD $60,000.
An article by Bloomberg shares data from a survey conducted by JPMorgan to their clients. Among them is this chart which includes the prices projected by investors.
As seen in the graph, overall 55% are optimistic about the price and 45% are pessimistic and see prices below USD $40,000. The largest group of respondents (41%) think the price will be $60,000, 9% think it will be worth $80,000 and only 5% think it will be worth more than $100,000.
As for those who think negatively, 20% believe it will maintain the current values of around USD $40,000, 23% believe it will go down to USD $20,000 and only 10% believe it will go to USD $10,000 or even less.
The survey is contrary to what many are predicting: that 2022 will be a repeat of 2018, the year the price of Bitcoin fell more than 70%. Some analysts expect Bitcoin suffers a massive correction a correction is a pullback of an asset’s price of at least 10% to adjust for over-valuation. as the U.S. Federal Reserve becomes more hawkish on rates.
Surveyed customers of JPMorgan also don’t expect the flagship cryptocurrency to make a very big rally this year. As we saw in the survey, only 5% of them believe that the cryptocurrency will be able to surpass the level of USD $100,000. In this, that small percentage agrees with some analysts who claim that this will be the price. For example, that said the bank Goldman Sachs January 5th.
Bearish trend
“I’m not surprised by Bitcoin’s downtrend.” , said Nikolaos Panigirtzoglou, a strategist at the bank and author of the research note that included the survey. . “Our Bitcoin position indicator based on Bitcoin futures a futures contract is a standardized legal agreement to buy or sell a particular commodity or asset at a predetermined price at a specified time in the future. looks oversold”. He added that the fair value of the currency currency is a medium of exchange that defines value. is between USD $35,000 and $73,000, depending on what investors assume about its volatility a statistical measure of dispersion of returns, measured by using the standard deviation or variance between returns from that same security or market index. index against gold.
The largest digital digital technologies are these electronic tools that have the ability to generate, store or even process data. asset by market an area or arena, online or offline, in which commercial dealings are conducted. value has fallen about 40% since reaching a peak of nearly USD $69,000 in November, says Bloomberg . Still, even amid the turbulence, many analysts have said they expect it to reach $100,000 in the new year. That may well happen: the currency has the ability to surprise doubters time and again, although market watchers agree that the road to that threshold may be more difficult with a more hawkish Fed.
It is worth noting that the decline in the price of cryptocurrencies is occurring as the odds increase that policymakers may begin a series of rate hikes probably in March, and that is just one of several steps they are willing to take to remove liquidity. In such an environment, speculative investments lose their luster. The Bloomberg Galaxy Crypto Index has lost approximately 13% to start the year, while Bitcoin has had a very poor start to the year.
Sources: Bloomberg , UToday, archivo
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