JPMorgan Client Survey: Majority Expect Bitcoin Price to Reach $60K or More This Year

Global investment bank JPMorgan has asked its clients what they think the price of bitcoin will be by year-end. Among the bank’s clients who responded, 55% expect the price of bitcoin to end the year at $60K or higher.

What JPMorgan’s Clients Expect the Price of Bitcoin to Be by Year-End

JPMorgan has conducted a survey of its clients about what they expect the price of bitcoin to be by year-end. The global investment bank released the results earlier this week. The survey was conducted between Dec. 13 and Jan. 7 as part of a broader macroeconomic outlook for 2022. Forty-seven of JPMorgan’s clients participated in the survey.

About 41% of the bank’s clients who responded expect bitcoin to end the year at around $60,000. 23% expect the price to be $20,000 while 20% expect it to be $40,000.

In addition, 9% believe that the price of BTC will reach $80,000, 5% think that it could be $100,000 or more, while 2% expect it to fall to $10,000 or lower.

Nikolaos Panigirtzoglou, a JPMorgan strategist and an author of the research note that included the survey, commented:

I’m not surprised by bitcoin’s bearishness … Our bitcoin-position indicator based on bitcoin futures looks oversold.

He added that the cryptocurrency’s fair value is between $35,000-$73,000, depending on what investors assume about its volatility ratio compared to gold.

At the time of writing, the price of bitcoin is $43,291 based on data from Bitcoin.com Markets.

Recently, the president of El Salvador, Nayib Bukele, predicted that the price of bitcoin will reach $100,000 by the end of the year. Global investment bank Goldman Sachs also sees the $100,000 level for BTC as a possibility. Crypto lending platform Nexo, however, expects the price of BTC to hit $100K by the middle of this year.