Bitcoin acquired one other hefty beating on Wednesday as its worth inched nearer to the $20,000 mark. Since then, the BTC worth has risen alongside different cryptocurrencies because the US central financial institution introduced its largest rate of interest improve in three many years.
Regardless of the chaos, a not too long ago revealed analysis finds that almost all of crypto fund managers stay bullish, with some projecting that Bitcoin should attain $100,000 by the tip of the yr.
Bitcoin Can Nonetheless Flip The Tide Round Regardless of Ongoing Tsunami
In accordance with a research carried out by monetary providers agency PricewaterhouseCoopers (PWC), majority of crypto fund managers surveyed consider that the world’s most sought-after crypto asset can nonetheless extricate itself out of the pit and attain a price of between $75K and $100K by the tip of this yr.
The “4th Annual World Crypto Hedge Fund Report” relies on an April survey of 77 specialist crypto hedge fund managers, in response to PWC, which additionally famous that their complete property below administration (AUM) surpassed $4 billion final yr.
Majority of predictions (42%) positioned the worth of BTC between $75K and $100K by finish of 2022. Picture: Moneycontrol.
As with earlier variations of the survey, PWC – one of many world’s Massive 4 accounting corporations – requested respondents to forecast Bitcoin’s worth on the finish of 2022. Regardless of the detrimental cryptocurrency market on the time of the research, hedge fund managers stay surprisingly enthusiastic on the crypto.
A Most Bullish Majority Prediction: Bitcoin At $100,000
“We gave crypto fund managers the chance to contribute their estimates on the place the worth of BTC and the general cryptocurrency market capitalization could be on Dec. 31, 2022,” PWC stated.
The plurality of estimates (42 p.c) pegged Bitcoin’s worth between $75,000 and $100,000 by the tip of 2022, whereas one other 35 p.c positioned it between $50,000 and $75,000 by the tip of this yr.
BTC complete market cap at $405 billion on the day by day chart | Supply: TradingView.com
Nearly all of respondents consider that the entire worth of the crypto market, which was roughly $1.5 trillion on the conclusion of the research, will find yourself being larger.
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John Garvey, chief of world monetary providers for PWC in the USA, said that the current collapse of Terra clearly illustrated the inherent hazards related to digital property. “The market will proceed to have volatility, however it’s maturing,” he stated.
In the meantime, along with the large improvement of cryptocurrency hedge funds over the earlier yr, the analysis highlighted bitcoin’s continued dominance inside each cryptocurrency hedge funds and extra conventional funds.
Featured picture from GDA Capital, chart from TradingView.com