Who will have the last laugh? JPMorgan Chase asked its clients “where do you see Bitcoin trading at 2022 year-end?” and just 5% said they saw the digital coin reaching $100,000.
In a recent poll, JPMorgan Chase asked its clients, “Where do you see Bitcoin trading at 2022 year-end?” Just 5% said they saw the digital coin reaching $100,000, and 9% saw it breaking previous all-time highs, reaching over $80,000.
The bank is known for its wealthy client portfolio. While some BTC bulls may welcome the news that 14% of JPMorgan’s clients expect at least a twofold increase, it’s not the fireworks the crypto market is accustomed to. On balance, however, the survey is generally positive. Most clients see BTC trading at $60,000 or above at the end of the year, with only one quarter expecting prices to slide from the“I’m not surprised by Bitcoin bearishness,” said Nikolaos Panigirtzoglou, author of the research note who works as the managing director for London at JPMorgan. He continued:
“Our Bitcoin-position indicator based on Bitcoin futures looks oversold. The coin’s fair value is between $35,000-$73,000, depending on what investors assume about its volatility ratio versus gold.” The group, which has over $2.6 trillion assets under management, is increasingly involved in the crypto space, particularly since its own JPM Coin launch in 2019. Part of the Big Four of American investment banks, it has been educating its customers and investors on the pros and cons of Bitcoin since July 2021.
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