Sunday, June 23, 2024

Wall Street still undecided about Bitcoin reaching $100,000 this year

JP Morgan Chase is among the world’s leading investment banks. The bank recently released it predictions for the price of BTC for the year 2022.

The bank, recently conducted a survey among its clients. The survey quizzed the clients on where they see the price of BTC to be at the end of 2022. Of those surveyed, a mere 5% felt that BTC will reach a price of $100,000. Another 9% felt that BTC’s price will exceed $80,000. This price will help BTC breach its previous highs.

Price Predictions

Most of JP Morgan’s clients are HNIs. The fact that 14% of JP Morgan’s clients felt that BTC will double in price, will please the BTC bulls. However, even this price is modest compared to the volatility that is usual for the crypto market.

Overall the survey revealed a positive outlook. Over half the clients (55%) foresee the price of BTC at least touching $60,000 at the end of 2022. Only about 25% of those surveyed expect the price to fall below the low of $40,000.

Outlook for BTC

The author of the survey note and MD of JP Morgan, London is not surprised by the BTC’s bearish sentiment. The MD revealed that the bank expects BTC’s price to settle between $35,000 and $73,000.

JP Morgan Chase has AUM of $2.6 trillion. The bank is increasing its footprint in the crypto domain. The bank has been more active in the crypto space since it launched JPM coin in 2019.

However, the bank did not reveal its future play in the crypto space even though it expects the value of BTC to rise 10X. Other prominent investors in the space however suggested that it would be prudent to have between 1% and 50% of one’s portfolio in crypto. Judged against this, JP Morgan’s clients could be said to be bearish in their outlook.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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