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Majority Expect Bitcoin Price to Reach $60K or More This Year – Featured Bitcoin News

Majority Expect Bitcoin Price to Reach $60K or More This Year – Featured Bitcoin News
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Global investment bank JPMorgan has asked its clients what they think of the price of bitcoin by the end of the year. Among the bank’s customers who responded, 55% expected the general price of bitcoin to end at $60,000 or higher.

What JPMorgan Clients Expect Bitcoin Price To Be By The End Of The Year

JPMorgan has conducted a survey of its clients on what they expect the price of bitcoin to be by the end of the year. The global investment bank released the results earlier this week. The survey was conducted between December 13 and January 7 as part of the broader macroeconomic outlook for 2022. 47 JPMorgan clients participated in the survey.

About 41% of the bank’s customers who responded expect bitcoin to end the year at around $60,000. 23% expect the price to be $20,000 while 20% expect it to be $40,000.

Additionally, 9% believe the price of BTC will reach $80,000, 5% believe it may reach $100,000 or more, and 2% expect it to fall to $10,000 or less.

A JPMorgan customer survey of their bitcoin price predictions. Source: JPMorgan

Nikolaos Panegirzoglu, JPMorgan strategist and author of the research note that included the survey commented:

I’m not surprised by the bitcoin bearish trend… Our bitcoin position index based on bitcoin futures appears to be oversold.

He added that the fair value of the cryptocurrency ranges between $35,000 and $73,000, depending on what investors assume about its volatility compared to gold.

At the time of writing, the price of Bitcoin is at $43,291 based on data from Markets.

Recently, the President of El Salvador, Najib Bukele, predicted that the bitcoin price would reach $100,000 by the end of the year. Global investment bank Goldman Sachs also sees the $100,000 level for BTC as a possibility. However, crypto lending platform Nexo expects BTC to reach $100,000 by the middle of this year.

What is your bitcoin price prediction? Let us know in the comments section below.

Kevin Helms

Kevin, an Austrian economics student, found bitcoin in 2011 and has been a missionary ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

photo credits: Shutterstock, Pixabay, Wiki Commons

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