JPMorgan, a global investment bank, asked its clients to predict the bitcoin price by year’s 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 conducted an online survey asking its clients what the expected price of Bitcoin will be at year-end. These results were released by the global bank earlier in this week. This survey was part of an overall macroeconomic outlook to 2022. It took place between Dec. 13-07. 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. The price of bitcoin will end the year at around $60,000. 23% anticipate it being $20,000, while 20% predict that it will be $40,000.
A further 9% of respondents believe the BTC price will exceed $80,000. Another 5% believes it may reach $100,000. Meanwhile, 2% think it might fall to $10,000.
Nikolaos Panigirtzoglou is a JPMorgan strategist who wrote the research note which included the survey.
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.
Based on data from Bitcoin.com Markets, bitcoin’s current price is $43,291 at the time of this writing
Nayib Bukele, president of El Salvador predicted recently that bitcoin would reach $100,000 before the end of this year. Goldman Sachs is also a possible target for Bitcoin to reach $100,000. Nexo is a cryptocurrency lending platform that expects BTC’s price to reach $100K at the end of 2018.
Your prediction of bitcoin prices? Please leave your comments below.
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