Bitcoin bullish sentiments seem to be growing cold among market observers. According to JPMorgan’s survey, 95% of its clients expect that Bitcoin’s price will not hit $100,000 while only 5% think it will.
JP Morgan’s Clients are extremely bearish for Bitcoin
Bloomberg reports that according to a survey conducted by multinational investment bank JPMorgan among 47 of its clients, the price of Bitcoin is expected to still be under $100,000 by the end of 2022.
Only 5% of the surveyed clients expect Bitcoin to hit $100,000. Meanwhile, 41% of the survey participants expect that Bitcoin’s price will end 2022 at $60,000. Similarly, 9%, 20%, 23%, and 2%, expect the price of Bitcoin to be $80,000, $40,000, $20,000, and $10,000 respectively by the end of the year. JPMorgan conducted the survey as part of its broader macroeconomic outlook for 2022.
Unlike its clients, JPMorgan has been highly bullish for Bitcoin. Back in November, the bank predicted that it expects the price of Bitcoin could reach $146,000 in the long run if market volatility reduces and institutional investors begin preferring it to gold. It added that its prediction for the price performance of Bitcoin in 2022 is that it will reach $73,000.
The update comes not long after JP Morgan analyst warned that Ethereum’s dominance on DeFi is hanging by a thread.
Bitcoin Proponents expresses Mixed Sentiments
The JPMorgan survey result is a reflection of the broader market sentiment around Bitcoin as the benchmark crypto has been trading sideways since entering 2022. A similar trend can be seen in the Bitcoin fear and greed index that indicates that market sentiment for Bitcoin is extreme fear.
While the year is still young, the Bitcoin market has already seen a massive selloff that has made its price drop below $40,000 for the first time since September last year. Year to date, Bitcoin is down 13%. It is also down 38.8% from its November all-time high of around $69,000.
This poor price performance has made market sentiments be spilt between bears and bulls. Bitcoin price predictions that have been bearish include that of Bitcoin skeptic, CryptoWhale, who insists that the price of Bitcoin will land at $10,000 by the end of 2022.
In contrast, several Bitcoin price predictions have been bullish including that of El Salvador’s president, Nayib Bukele, who expects that Bitcoin will cross $100,000. Similarly, Goldman Sachs recently noted that Bitcoin could reach $100,000 by taking market share from gold as a store of value asset.
Bitcoin on-chain analytics firm Glassnode is also bullish for Bitcoin. As noted in a recent on-chain analysis, that if Bitcoin on-chain activity could gain enough momentum from current levels, it could surge massively. Bitcoin is currently trading at $42,090, up 0.40% in the last 24 hours.
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