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JPMorgan: Nobody Really Thinks BTC Will Hit $100K This Year

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Nevertheless, people are noticing bitcoin slipping into oblivion. Data stemming from JPMorgan suggests that many traders now see bitcoin hitting a peak of around $60,000 by the end of the year, and very few are convinced that $100K is in bitcoin’s immediate future. Approximately 47 separate JPMorgan clients took part in the survey between the dates of December 13 and January 7. The poll was conducted as a means of establishing its macroeconomic outlook for 2022.

The survey says that around 41 percent of those taking part in the poll believe bitcoin will end the year at an even $60,000 or somewhere around there, while only five percent are convinced bitcoin will hit $100,000.

The good news is that things are still quite early. There are several months to go before we finally know where bitcoin is truly heading. However, what seems to have a lot of traders worried is that with 2021 doing so well, 2022 may feature some heavy slumps that will be hard to overcome. This is a pattern often seen in the bitcoin world, prominent examples being the years 2017 and 2018.

The former saw bitcoin trading for what was then an all-time high of just under $20,000 per unit. Everyone felt BTC was on top of the world and that the cryptocurrency was likely to keep hitting peaks from there. Unfortunately, 2018 featured the exact opposite scenario, with BTC dipping below $10,000 just a few weeks later and losing more than half its value rather quickly.

If 2022 Is a Repeat of 2018, $100K Probably Won’t Be Achievable

From there, the currency fell to about $6,000 over the summer, while the last two months of the year saw BTC losing approximately 70 percent of its value and dipping into the $3,500 range. It would take about five months for bitcoin to show any signs of recuperating.

Among those who still believe BTC can hit $100,000 this year is Nayib Bukele, the president of the Central American nation of El Salvador.

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 1/14/2022

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