The majority of fund managers believe Bitcoin will reach $100,000 by the end of the year, according to a survey
Bitcoin’s price continued to decline on Wednesday, inching closer to the $20,000 threshold. Since then, the price of Bitcoin and other cryptocurrencies has surged with the US Federal Reserve’s announcement of the highest interest rate hike in three decades.
A recent study reveals that, despite the upheaval, the majority of crypto fund managers remain positive, with some predicting that Bitcoin may still hit $100,000 by the end of the year.
According to research done by the financial services company PricewaterhouseCoopers (PWC), the majority of crypto fund managers asked to think that the world’s most coveted crypto asset may still recover and reach a price between $75,000 and $100,000 by the end of the year.
According to PWC, the “4th Annual Global Crypto Hedge Fund Report” is based on an April survey of 77 professional crypto hedge fund managers, and their total assets under management (AUM) topped $4 billion in 2017.
As in previous iterations of the study, PWC — one of the Big Four accounting companies in the world – asked respondents to predict the price of Bitcoin by the end of 2022. Despite the bearish market for cryptocurrencies at the time of the survey, hedge fund managers are unexpectedly bullish on crypto.
The most bullish majority forecast is for Bitcoin to reach $100,0000
“We invited crypto fund managers to provide their predictions for the price of Bitcoin and the total market capitalization of cryptocurrencies on December 31, 2022,” PWC added.
The majority of forecasts (42 percent) projected Bitcoin’s price between $75,000 and $100,000 by the end of 2022, while 35 percent placed it between $50,000 and $75,000 by the end of 2018.
The majority of respondents think that the overall value of the cryptocurrency market, which was around $1.5 trillion at the completion of the survey, would be greater in the future.
The recent collapse of Terra, according to John Garvey, chief of global financial services at PWC in the United States, exemplifies the inherent risks connected with digital assets. “The market’s volatility will persist, but it is maturing,” he said.
In addition to the tremendous growth of cryptocurrency hedge funds over the last year, the analysis revealed bitcoin’s sustained dominance among both cryptocurrency hedge funds and more conventional funds.