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Bitcoin obtained one other hefty beating on Wednesday as its value inched nearer to the $20,000 mark. Since then, the BTC value has risen alongside different cryptocurrencies because the US central financial institution introduced its largest rate of interest improve in three a long time.
Despite the chaos, a lately printed analysis finds that almost all of crypto fund managers stay bullish, with some projecting that Bitcoin should still attain $100,000 by the tip of the yr.
Bitcoin Can Still Turn The Tide Around Despite Ongoing Tsunami
According to a research performed by monetary companies agency PricewaterhouseCoopers (PWC), majority of crypto fund managers surveyed imagine that the world’s most sought-after crypto asset can nonetheless extricate itself out of the pit and attain a worth of between $75K and $100K by the tip of this yr.
The “4th Annual Global Crypto Hedge Fund Report” is predicated on an April survey of 77 specialist crypto hedge fund managers, in accordance with PWC, which additionally famous that their whole property underneath administration (AUM) surpassed $4 billion final yr.
Majority of predictions (42%) positioned the worth of BTC between $75K and $100K by finish of 2022. Image: Moneycontrol.
As with earlier variations of the survey, PWC – one of many world’s Big Four accounting corporations – requested respondents to forecast Bitcoin’s value on the finish of 2022. Despite the destructive 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 opportunity to contribute their estimates on where the price of BTC and the overall cryptocurrency market capitalization would be on Dec. 31, 2022,” PWC stated.
The plurality of estimates (42 %) pegged Bitcoin’s value between $75,000 and $100,000 by the tip of 2022, whereas one other 35 % positioned it between $50,000 and $75,000 by the tip of this yr.
BTC whole market cap at $405 billion on the each day chart | Source: TradingView.com
The majority of respondents imagine that the entire worth of the crypto market, which was roughly $1.5 trillion on the conclusion of the research, will find yourself being greater.
Related Reading | Crypto Employees Sacked By Their Bosses Can Find Jobs With This U.S. Agency
John Garvey, chief of world monetary companies for PWC within the United States, said that the current collapse of Terra clearly illustrated the inherent hazards related to digital property. “The market will continue to have volatility, but it is maturing,” he stated.
Meanwhile, along with the large growth 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
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