Bitcoin has broken below many critical levels and is trading near $22k. While most of us would think that everyone is bearish right now, crypto fund managers are still expecting Bitcoin to reach $100k in 2022. PWC’s recent survey shows that the majority of fund managers believe BTC’s price will be anywhere between $75k and $100k by 2022 end. Do you think this is too optimistic or quite plausible? Tell us below!
Crypto fund managers are expecting Bitcoin to reach $100k
The company’s recent report called “4th Annual Global Crypto Hedge Fund Report” was published a week ago. It was produced in partnership with the Alternative Investment Management Association (AIMA) and Elwood Asset management. They surveyed 77 crypto hedge fund managers with an AUM of $4.1 billion for the report.
PWC asked these fund managers to give their price estimates for Bitcoin and the total crypto market cap for the end of 2022 or 31st December. The results came out to 42% of fund managers expecting $75k-$100k, and 35% of them were a little conservative with a $50k-$75k range. It looked like when the survey was conducted, the market was a little more optimistic, but right now, we are in a full-blown bear market.
The collapse of Luna and UST was probably what kicked it off, and there is no doubt it’s gonna last a while. The global financial services leader of PWC US, John Garvey, said that this collapse showed the potential risks of digital assets. However, the market is maturing with a lot more crypto hedge funds coming up and traditional firms also investing in digital assets. Their reports say that in a year, traditional companies investing in digital assets have increased from 21% to 38%.
Next bull run
The above daily chart of Bitcoin shows that we were forming a hidden bullish divergence, but the markets are so bearish that the price broke down. There is a very slim chance of anything major happening before 2023 end or early 2024. So, I wouldn’t be over-optimistic about the recent PWC survey. Currently, we are in the 2nd stage of the bear market. Here’s a thread explaining it.
1/ There are 3 stages of a bear market.
We just entered stage 2 🧵
— Yano 🟪 (@JasonYanowitz) June 13, 2022
What are your thoughts as Crypto fund managers are expecting Bitcoin to reach $100k? And do you think this makes any sense? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Coinbase’s new “crypto is dead” ad campaign is brilliant!
