JPMorgan: 23% of crypto investors expect bitcoin to fall to $20,000 by the end of 2022

Crypto investors reportedly do not believe in the imminent rise of bitcoin to $100,000. Almost a quarter of them expect the first cryptocurrency to fall to $20,000.


JPMorgan Chase, one of the world’s largest investment banks, drove a poll on the future of bitcoin in 2022 among Wall Street investors. When asked at what level bitcoin would trade at the end of 2022, only 5% answered that the cryptocurrency would reach $100,000. The most popular answer, with 41% of respondents, was $60,000.

Nearly a quarter of respondents, or 23%, said they expected bitcoin to fall to $20,000 by the end of 2022, while 20% said bitcoin would remain at its current level of around $40,000.

A radical fall of bitcoin to $10,000 was supposed by 2%, and an increase to $80,000 was suggested by 9% of respondents.

Bitcoin price predictions for the end of 2022

“I am not surprised at the bearish sentiment on bitcoin” said Nikolaos Panigirtzoglou, author of the JPMorgan research note. He also added that “our position indicator, based on bitcoin futures, indicates that the asset is oversold. According to investors, the fair value of the coin is between $35,000 and $73,000, depending on the volatility ratio to gold.”

Previously, analysts at Goldman Sachs suggested that bitcoin could get to $100,000 if its market share of the “store of value” market increases to 50%. According to Goldman analyst Zach Pandl, “we think that bitcoin’s market share will most likely rise over time as a byproduct of broader adoption of digital assets.” If bitcoin’s share of the store of value asset market rises to 50% over the next five years (without an increase in overall demand for store of value), then the price of bitcoin would rise to just over $100,000, and the total annual return will be 17-18% (taking into account the growth in the supply of bitcoins over time).

Via: 2Coinfox.info

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