The optimism of cryptocurrency enthusiasts has been tested in recent weeks as the bearish trend has gripped the market. This in particular sowed doubt in the minds of JPMorgan’s customers. A recent survey conducted by Bloomberg reveals that only 5% of them still believe that bitcoin will reach the 100,000 dollar mark by the end of the year.
A fair price between 35,000 and 73,000 dollars
Analysts are no stranger to the sentiment currently driving the majority of JPMorgan’s clients. Indeed, the latter have regularly shared their prediction that bitcoin would reach the $100,000 mark before the end of 2021. After an ATH at more than $65, the asset ended the year on a downward trend that continued into 2022. Despite this disillusionment, several analysts continue to believe that bitcoin will finally hit the six-figure target within the next 11 months. However, this opinion no longer seems to be unanimous among many cryptocurrency enthusiasts.
Strategist at JPMorgan, Nikolaos Panigirtzoglou said he was not surprised by the skepticism displayed by the majority of his clients regarding the future of BTC. He aligns himself with their vision of the market, since he places the fair price of bitcoin between 35,000 and 73,000 dollars for the rest of the year. He also added that how the cryptocurrency’s price moves will depend on what investors think of its volatility rate relative to gold. For their part, JPMorgan clients who took part in the survey said 41% that bitcoin will trade around $60,000 by the end of the year.
Bitcoin’s performance hardly impresses JPMorgan CEO
JPMorgan CEO Jamie Dimon continues to view bitcoin as a an asset with no real value in the long term. Unlike his clients and cryptocurrency market analysts, he said he was unimpressed with the performance of the asset. He did not hesitate to recall it during an interview last December. “I personally think bitcoin is worth nothing. However, our clients are adults (and) they disagree. This is what makes the market“, did he declare.
In early November, JPMorgan relied on bitcoin’s ability to clamp down on inflation hedging to predict the cryptocurrency will hit the $146,000 mark. Two months later, the enthusiasm of the bank and its customers took a hit. The latter have revised their estimates downwards so as not to experience further disappointment by the end of the year.
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Luc Jose Adjinacou
Far from having dampened my enthusiasm, an unsuccessful investment in 2017 on a few cryptos only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.