Global investment bank JPMorgan has asked its clients what they think the price of Bitcoin will be by the end of the year. Among the bank’s customers who responded, 55% expect Bitcoin price to end the year at $60,000 or higher.
What JPMorgan clients expect from the price of Bitcoin by the end of the year
JPMorgan has conducted a survey among its clients on how they expect the Bitcoin price by the end of the year. The global investment bank released the results earlier this week. The survey was conducted between December 13th and January 7th as part of a broader macroeconomic outlook for 2022. 47 of JPMorgan’s 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 a price of $20,000, while 20% expect $40,000.
Additionally, 9% believe the price of BTC will reach $80,000, 5% believe it could be $100,000 or more, while 2% expect it to fall to $10,000 or less.
Nikolaos Panigirtzoglou, a JPMorgan strategist and author of the research note that included the survey, commented:
I’m not surprised by bitcoin’s bearishness… Our bitcoin position indicator, based on bitcoin futures, looks oversold.
He added that the cryptocurrency’s fair value ranges from $35,000 to $73,000 depending on what investors think about the volatility ratio compared to gold.
At the time of writing, Bitcoin is priced at $43,291 based on data from Bitcoin.com Markets.
Recently, El Salvador President Nayib Bukele predicted that the price of Bitcoin will reach $100,000 by the end of the year. Global investment bank Goldman Sachs also sees the $100,000 mark for BTC as a possibility. However, crypto lending platform Nexo 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 comment section below.
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