Bitcoin obtained one other hefty beating on Wednesday as its worth inched nearer to the $20,000 mark. Since then, the BTC worth has risen alongside different cryptocurrencies because the US central financial institution introduced its largest rate of interest enhance in three a long time.
Despite the chaos, a just lately revealed analysis finds that almost all of crypto fund managers stay bullish, with some projecting that Bitcoin should attain $100,000 by the tip of the 12 months.
Bitcoin Can Still Turn The Tide Around Despite Ongoing Tsunami
According to a research carried out 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 price of between $75K and $100K by the tip of this 12 months.
The “4th Annual Global Crypto Hedge Fund Report” relies on an April survey of 77 specialist crypto hedge fund managers, based on PWC, which additionally famous that their whole property below administration (AUM) surpassed $4 billion final 12 months.
Majority of predictions (42%) positioned the value 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 worth on the finish of 2022. Despite the detrimental 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 worth 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 12 months.
BTC whole market cap at $405 billion on the each day chart | Source: TradingView.com
The majority of respondents imagine that the overall worth of the crypto market, which was roughly $1.5 trillion on the conclusion of the research, will find yourself being increased.
John Garvey, chief of worldwide monetary companies for PWC within the United States, acknowledged 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 big growth of cryptocurrency hedge funds over the earlier 12 months, 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