Survey: Wall Street expects Bitcoin to finish the year below $30,000

Forty-four percent of CNBC’s institutional-investment executives surveyed expect Bitcoin to close 2021 at a price below $30,000.

44% of respondents in #CNBCQuarterlySurvey say #bitcoin will be below $30,000 at the end of the year.

Where do you stand? #btc @andrewrsorkin @BeckyQuick @JoeSquawk discuss: pic.twitter.com/zpPHtSaeWK

— Squawk Box (@SquawkCNBC) July 2, 2021

Twenty-five percent of respondents think the leading cryptocurrency will reach $40,000. An identical share chose the $50,000 level, and only 6% forecast Bitcoin finishing the year at $60,000.

The CNBC quarterly market survey draws responses from investment directors, equity strategists and portfolio managers, numbering around 100 participants.

Discussing the results, the network’s anchors broadly aligned with the near-term outlook for the leading cryptocurrency’s price, noting that even $30,000 by year-end would ease many market participants’ concerns and set a long-term bottom.

Bitcoin began 2021 trading a touch below $30,000. The peak above $64,000 was reached in April. In May the price fell below $40,000.

As of writing, Bitcoin was trading around $34,000.

Earlier, JPMorgan analysts did not rule out a decline in the price of digital gold to $25 000. Investment Director Scott Minerd of Guggenheim Partners says the price could fall more radically — to $15,000 or even $10,000.

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