A survey conducted by CNBC of 100 chief investment officers and portfolio managers said most of them predicted that the bitcoin price could end 2021 under $30k.
As of July 8, 2021, the price of bitcoin is 33,258.80 USD. According to Wall Street, it is predicted that it may go down more than 10% until the end of the year.
As we all know, this year has been the year of Bitcoin and all other cryptocurrencies. Bitcoin has made many records this year and reached its all-time high price of up to $65000 in April 2021. Bitcoin and many other cryptocurrencies like Ethereum and Binance coin had an unbelievable run this year.
But since then, a wave of bearishness has taken hold as FUD report after FUD report began to increase. The results of this CNBC survey only add to the FUD.
However, there are different opinions, and some predict that bitcoin may reach record highs this year. Bloomberg reported that Bitcoin could even hit the magical figure of 1,00,000 USD by the end of this year.
What does the Bloomberg report say?
According to this report, If Bitcoin catches up to the performance of Ethereum in 2021, it will head toward $100,000. Our graphic depicts the Bloomberg Galaxy Crypto Index (BGCI) up about 110% to May 24, led by the 230% rise in Ethereum. Comparatively, Bitcoin’s roughly 30% advance appears relatively flat. Accelerate, stay the same, or reverse are the three possible options, and we see about a two-thirds probability tilted toward more of the same in 2H: a rising BGCI.
“Bitcoin is more likely to resume appreciating toward $100,000 resistance rather than sustaining below $20,000.”
This Bloomberg report was published in early June this year.
Also, in January 2021, JP Morgan published a note which said Bitcoin could go up to 1,00,000 USD till the end of 2021.
44% Of Investment Managers Predict Bitcoin To Be Below $30k
Out of the 100 chief investment officers surveyed, 44% see bitcoin going down below 30k USD by the end of 2021. So their opinion paints a grim picture of Bitcoin for this year.
However, 25% of investors believed that Bitcoin could end the year at or above $40,000 until 2021. Another 25% thought that it could reach $50,000, and the remaining 6% even believed that bitcoin could get $60,000 by the end of this year.
Squawk Box anchor Andrew Sorkin said that he agrees with most respondents on a short-term scale. But over ten years, he thinks Bitcoin would be priced above $30,000.
“By the end of the year, and maybe I’ll be a cynic here, I would take the under. But if you said ten years from now, I would take the over.”
When asked with his fellow anchor Joe Kirnan or where he stood on this matter, he skipped over the question. Cautiously he made a bullish comment that even at $30,000 by year-end, the price would relieve many concerns in that it establishes a long-term bottom.
“30 or 28, if that really were a long term bottom, that would allay a lot of fear for people about crypto, don’t you think?”
This post was originally published on Bitcoinst.