Only 5% of JPMorgan clients surveyed believe the price of the first cryptocurrency will reach $100,000 by the end of 2022. More than 40% think it will return to around $60,000, Bloomberg reports.
“I’m not surprised by the bearish sentiment toward Bitcoin. Our futures-based indicator looks oversold,” said bank strategist Nikolaos Panigirtzoglou.
According to him, the fair value of the cryptocurrency is in the range of $35,000 to $73,000.
On 10 November 2021, Bitcoin reached an all-time high of $69,000. The coin retreated from record levels on news of possible default by China’s largest developer Evergrande.
In early December a market crash followed, which some analysts linked to Evergrande’s ongoing problems. In Galaxy Digital Research, the reasons were cited as general market nerves due to the emergence of a new COVID-19 variant, as well as statements by Fed Chair Jerome Powell about a possible acceleration in the pace of bond-buying tapering.
On 6 January 2022, Bitcoin fell below $43,000 after the release of the Fed’s meeting minutes, which showed the regulator ready to raise rates faster than expected. On 10 January the cryptocurrency fell below $40,000.
Earlier, Bitwise Asset Management’s investments director Matt Hogan speculated that $100,000 could be a target for Bitcoin in 2022. Confidence in achieving this milestone was expressed by El Salvador’s President Nayib Bukele.
As reported, SkyBridge Capital founder Anthony Scaramucci said Bitcoin “easily” reach $500,000. In his view, this would occur by late 2024 or mid-2025.
The same milestone was forecast by Ark Invest founder Cathie Wood. She did not specify a timeframe.
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