Majority of JPMorgan Customers See Bitcoin At Around $ 60,000 By Year End, With Only 5% Expecting Cryptocurrency To Hit $ 100,000 | Currency News | Financial and business news

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The bullish exuberance around bitcoin hitting the elusive $ 100,000 mark last year was feverish. But the coin ended the year less than halfway, changing sentiment as shown in a poll released by JPMorgan on Monday.

The investment bank interviewed 47 of its clients between December 13 and January 7 as part of its broader macroeconomic outlook for the year.

The result: Around 41% of customers see the world’s most valuable cryptocurrency ending the year around $ 60,000, an increase of around 46% from Monday’s price. Meanwhile, only 5% expect bitcoin to hit $ 100,000 by the end of the year.

Bitcoin price by end of 2022, according to JPMorgan clients

JP Morgan

It’s been a tough race for bitcoin as cryptocurrencies across the board have faced selling pressure following a risk shift spurred by a hawkish Federal Reserve.

Bitcoin fell below $ 40,000 to its lowest level since September on Monday before rebounding above $ 41,000. Bitcoin has fallen 11% year-to-date and is about 40% below its high of $ 69,000 reached in November.

Still, some, including bitcoin-loving Salvadoran President Nayib Bukele, are optimistic that bitcoin will hit $ 100,000 in 2022.

JPMorgan said in November 2021 that bitcoin could reach $ 146,000 in the long run if its volatility eases and institutions start to favor it over gold in their portfolios. This is about 256% above the coin’s current level. A price of $ 73,000, the bank said, seems reasonable for 2022.

Bitcoin’s volatility is currently around four to five times that of gold, the bank said. This should drop considerably before institutional investors get started.

Despite this, a new member is joining the $ 100,000 movement this year. Goldman Sachs said bitcoin could soar to this level, but only if it continues to gain market share from gold.

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