Global investment bank JPMorgan has asked its clients what they think the price of bitcoin will reach by the end of the year. Of the bank customers who responded, 55% expected the price of bitcoin to reach $60,000 or more by the end of the year.
What JPMorgan clients expect Bitcoin to be worth by the end of the year
JPMorgan Chase conducted a survey of its clients to find out their expectations for the Bitcoin price by the end of the year. The global investment bank reported results earlier this week. The survey was conducted between Dec. 13 and Jan. 7 as part of a broader 2022 macroeconomic outlook. Forty-seven clients of JPMorgan Chase participated in the survey.
About 41% of bank clients responded, expecting bitcoin to end the year around $60,000. Twenty-three percent expected the price to be $20,000, while 20 percent expected it to be $40,000.
In addition, 9% believe that bitcoin It will reach $80,000, 5% think it might hit $100,000 or more, and 2% expect a drop to $10,000 or less.
Nikolaos Panigirtzoglou, a JPMorgan strategist and author of the research that included the survey, commented:
I’m not surprised by Bitcoin’s bearishness… our Bitcoin futures-based indicator of Bitcoin positions looks oversold.
He added that the fair value of the cryptocurrency is between $35,000 and $73,000, depending on investors’ assumptions about its volatility compared to gold.
At the time of writing, Bitcoin is priced at $43,291, according to Bitcoin.com Markets.
El Salvador’s President Nayib Bukele recently predicted that the price of Bitcoin will reach $100,000 by the end of the year.Global investment bank Goldman Sachs also sees the $100k level bitcoin as a possibility.However, crypto lending platform Nexo expects bitcoin $100,000 by the middle of this year.
What is your Bitcoin price prediction? Let us know in the comments section below.
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