One of the largest investment banks in the world, JPMorgan Chase & Co, recently conducted a survey of their own clients. They were asked what they expect in 2022 regarding the price of bitcoin (BTC). JPMorgan’s customers are somewhat hesitant in their forecasts, but the majority expect the cryptocurrency’s price to be higher than it is now at the end of the year.
cautious positivity
41% of clients surveyed expect bitcoin to trade at around $60,000 by the end of 2022, reported Bloomberg. This does not match common forecasts from analysts who say bitcoin will soon surpass $100,000 or even $200,000.
JPMorgan’s clients seem quite cautious in their predictions. Only 9% of those surveyed expect a bitcoin price of around $80,000 by the end of this year and only a minuscule 5% believe the probability of a bitcoin price higher than $100,000 is realistic.
Bearish bitcoin feeling?
Notably, more than 2% expect bitcoin to plummet all the way below $10,000. About 43% assume that at the end of the year the bitcoin price will end between $20,000 and $40,000.
These forecasts reflect relatively poor sentiment at the moment. Nevertheless, the majority of clients indicate that they do not expect this year to be the start of a multi-year bear market, as they still regard relatively positive forecasts as realistic.
However, that does not mean that JPMorgan’s customers are expecting an explosive year. This is evident, of course, from the fact that only 1 in 20 expect bitcoin to finally hit the magical $100,000 milestone by the end of the year.
That bitcoin will reach $100,000 in the future, albeit perhaps not as early as 2022, remains the expectation of many analysts. Also the huge investment bank Goldman Sachs The latter indicated that bitcoin will reach $100,000 within five years if it can take a share of the gold market.
–
