A majority of JPMorgan’s clients see bitcoin at around $60,000 by year-end, with just 5% expecting the cryptocurrency to hit $100,000 | Currency News | Financial and Business News

The bullish boom around Bitcoin, which hit the elusive $100,000 threshold last year, has been extremely difficult. But the currency ended the year with less than half that, shifting sentiment as evidenced by a JPMorgan poll published on Monday.

The investment bank surveyed 47 of its clients from December 13 to January 7 as part of its broader macroeconomic outlook for the year.

The result: About 41% of customers see the world’s most valuable cryptocurrency ending the year at around $60,000, up nearly 46% from Monday’s price. Meanwhile, only 5% expect Bitcoin to reach $100,000 by the end of the year.

Where do you see Bitcoin trading by the end of 2022?
Bitcoin Price by the End of 2022, According to JPMorgan Clients

It’s been a rough ride for bitcoin so far as cryptocurrencies across the board have faced selling pressure in the wake of a risk-off shift spurred by the hawkish Federal Reserve.

Bitcoin fell below $40,000 to its lowest level since September on Monday before rebounding back above $41,000. Bitcoin is down 11% since the start of the year and is nearly 40% below the record low of $69,000 reached in November.

However, some, including the bitcoin-loving president of El Salvador, Neb Bukele, are optimistic that bitcoin will reach $100,000 in 2022.

JPMorgan stated in November 2021 that bitcoin could rise to $146,000 in the long-run if its volatility declines and institutions begin to favor gold in their portfolios. This is approximately 256% above the current level of the coin. The bank said the $73,000 price tag appears reasonable for 2022.

The bank said that bitcoin’s volatility is currently about four to five times higher than gold. This should drop significantly before institutional investors plow in.

Notwithstanding, there is a new member joining the $100,000 bandwagon this year. Goldman Sachs said that Bitcoin could rise to that level but only if it continues to take market share from gold.