Bitcoin-at-$100,000 calls are common in cryptoland. Not so much on Wall Street.

Only 5 percent of clients questioned by <a href="https://www.cryptoknowmics.com/news/ethereum-is-at-the-risk-of-losing-defi-dominance-jpmorgan-says/">JPMorgan Chase &amp; Co. </a>believe the digital coin will reach $100,000 by the end of 2022. More than 40 percent of investors, on the other hand, saw it rise above $60,000, where it was around two months ago before it began its recent slide.

<em> “I’m not surprised by Bitcoin bearishness,”</em> said Nikolaos Panigirtzoglou, a strategist at the bank and an author of the research note that included the survey. <em>“Our <a href="https://www.cryptoknowmics.com/news/bitcoin-should-bottom-around-40k-says-mike-novogratz/">Bitcoin</a>-position indicator based on Bitcoin futures looks oversold.”</em> He went on to say that the coin's fair worth ranges from $35,000 to $73,000, depending on what investors think about its volatility compared to gold.

Since reaching a high of about $69,000 in November, the largest digital asset by market value has plunged about 40 percent. Even in the midst of the turmoil, many analysts believe it will reach $100,000 in the new year. That might happen — the currency has a history of surprising sceptics — though market experts agree that with a more hawkish Federal Reserve, the road to that level will be more difficult.

The current drop in crypto comes as expectations build that policymakers will start raising interest rates as soon as March — and it's just one of numerous moves they'll take to remove liquidity. Speculative investments lose their allure in such a climate. To begin the year, the Bloomberg Galaxy Crypto Index has lost about 13 percent, while Bitcoin has had its worst start to a new year since its inception.

Bitcoin fell below $40,000 on Monday, losing 6.3 percent before recovering back above $41,000.

Only 5% of JPMorgan’s Clients See Bitcoin at $100,000 By Yearend

Bitcoin fell below $40,000 on Monday, losing 6.3 percent before recovering back above $41,000.

Prabhjeet Bhatla is a cryptocurrency writer covering startups and a researcher since 2020. She has authored many articles for Entrepreneur India and APAC (digital and print) on cryptocurrency and ever-evolving Blockchain, the technology behind Bitcoin, and other cryptocurrencies. She specializes in applied cryptography, privacy-enhanced information storage systems, anonymous cryptocurrencies, elliptic curve crypto-systems, and satellite television piracy.

Only 5% of JPMorgan’s Clients See Bitcoin at $100,000 By Yearend

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