Are you still betting on $100K for Bitcoin this year? So are these from the industry
We know that Bitcoin missed a much-awaited milestone of $100,000 at the end of 2021. However, only 5% of JP Morgan’s clients still expect the token to reach that level by year-end. But, as per a recent poll, the majority (41%) of the clients see a $60,000 price level as a fair year-ending valuation.
We know that Bitcoin has already lost close to 40% of its value since its ATH was seen in November 2021. Meanwhile, bank strategist Nikolaos Panigirtzoglou commented,
“I’m not surprised by Bitcoin bearishness.”
That being said, apart from the 5% above, some industry-wide analysts see bitcoin reaching $100,000 in 2022, now that it has missed the crucial level last year. Goldman Sachs had recently stated that Bitcoin hitting $100K is a possibility if acquires the market share from gold.
Meanwhile, Ryan Selkis, Founder & CEO, Messari took to Twitter to take a dig at the massive price predictions.
https://twitter.com/twobitidiot/status/1479076594639675398?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1479076594639675398%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2022-01-06%2Fbitcoin-at-100-000-calls-become-uncomfortable-after-pullback
Bitwise Asset Management Chief Investment Officer Matt Hougan told CNBC that he is optimistic about what the demand will be long term,
“Now we’re seeing a little bit of a pullback, but still some strong fundamentals underneath.”
In its November report, JP Morgan had renewed Bitcoin’s long-term price target to $146,000 if its high volatility subsides. Otherwise, it had said that a price target of $73,000 “seems reasonable” for the short term.
Collin Plume, CEO and founder of My Digital Money opined in a report that the BTC dip is on the back of tapering, which is “sending investors to bonds and other more conservative assets.”
Will the price levels improve?
Stephen Pair, CEO of crypto payments processor BitPay sees increased adoption of crypto in the coming time from both an investment perspective and a payment perspective. While it can be a positive trigger for the market, Edelman Financial Engines founder Ric Edelman also supports the idea. He commented that a third of American adults are going to own Bitcoin by the end of 2022.
“We’re already at 26% of American adults. I’m simply ratcheting up to 33%.”
However, as of now, Bitcoin is not quite there yet. Santiment noted in its recent research that Bitcoin whale transactions have been dropping after November.
Major whale transactions aren't quite coming at the frequency they were in October or November. Our metrics indicate that the $BTC network is getting around 13k transactions per day that exceed $100k in value. $ETH's network is seeing about 9k per day. https://t.co/Z46GfB7huM pic.twitter.com/vrGxGIMDMC
— Santiment (@santimentfeed) January 11, 2022
