The majority of JPMorgan clients are bullish on Bitcoin as they see it finishing 2022 above $60,000.
41% see BTC above $60,000 by the end of 2022
Most clients surveyed by JPMorgan Chase anticipate Bitcoin will end the year above $60,000. According to the bank, only 2% of respondents think Bitcoin will fall below $10,000 by 2023.
This contradicts bears’ predictions that 2022 will be a rerun of 2018 when the Bitcoin price fell over 70%. Some analysts foresee a major Bitcoin correction owing to the US. The Fed is becoming hawkish.
Despite this, JPMorgan clients do not expect a major increase in the flagship cryptocurrency this year. According to the poll, only 5% predict that Bitcoin will reach $100,000.
Bitcoin might reach $100,000 in five years, according to Goldman Sachs, if it continues to eat into gold’s market share.
According to U.Today, Fundstrat’s permabull Tom Lee expects Bitcoin to hit $200,000 this year. Bitcoin, according to cryptocurrency evangelist Brock Pierce, may reach that level in 2022.
Bitcoin, according to analyst Nikolaos Panigirtzoglou, is oversold.
On Monday, Bitcoin fell below $40,000 for the first time since late September, but bulls rallied to bring it back to $42,000.
To regain its all-time high of $69,000, Bitcoin would need to recover nearly 39%.