Global investment bank JPMorgan asked its clients what they think the price of bitcoin will be by the end of the year. Of the bank’s customers who responded, 55% expect the price of bitcoin to end the year at $60,000 or higher.
What JPMorgan Clients Expect From Bitcoin Price by the End of the Year
JPMorgan conducted a survey of its customers 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 a broader macroeconomic outlook for 2022. Forty-seven of JPMorgan’s clients participated in the survey.
About 41% of bank 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 could be $100,000 or higher, while 2% expect it to fall to $10,000 or lower. .
Nikolaos Panigirtzoglou, a JPMorgan strategist and author of the research note that included the survey, commented:
I’m not surprised by bitcoin’s downtrend… Our bitcoin position indicator based on bitcoin futures looks oversold.
He added that the fair value of the cryptocurrency is between $35,000 and $73,000, depending on what investors assume from its volatility ratio against gold.
At the time of writing, the price of bitcoin is $43,291 based on data from Bitcoin.com Markets.
Recently, the president of El Salvador, Nayib Bukele, predicted that the price of bitcoin 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. Crypto lending platform Nexo, however, expects the price of BTC to hit $100,000 by the middle of this year.
What is your Bitcoin price prediction? Let us know in the comments section below.
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