December 1, 2023

In a survey conducted by JPMorgan, it has been revealed that about 95% of their clients do not expect the price of bitcoin to rise up to $100,000 as just 5% of their client population think otherwise. Send a general coldness among those observing their client community.

In Bloomberg’s news about the survey carried out by America’s investment bank JPMorgan, only 5% of their clients actively see the price of bitcoin reaching $100,000 though up to 40% of the same clientele see it at $60,000 again by the end of the year. A peak it had got before the coin began its steady decline. 

In the same way, about 8% think the price will rise above $70,000; 21% of them think it will reach above $35,000; 22% of them think it will go just above $15,000 and 3% think the price will stay at about $10,000 by the year’s end. The survey was carried out as a part of JPMorgan’s macroeconomic outlook for the New Year. 

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One of JPMorgan’s strategists, Panigirtzoglou Nikolaos, said he is not shocked by the downward slope of the world’s leading digital currency. He said that based on the company’s analysis, bitcoin seems to have sold beyond what was expected. He claims that the value of the coin in fair terms ranges from $35,000 to $73,000.  

JPMorgan as an entity on another hand has expressed lots of hope in the rise of bitcoin price, different from the majority of its clients. Last November, JPMorgan had envisaged that the price of bitcoin could rise to $146,000 in the long term if the market situation stabilizes and corporate investors start buying it instead of gold. The company stated that their speculation for the price increase of bitcoin in the New Year is that it will hit $73,000.

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JPMorgan updated their stance when one of their financial analysts called the company’s attention to the fact that Ethereum may not dominate the decentralized finance system for too long.

The survey of JPMorgan is an indication of a general market pulse about bitcoin as the leading cryptocurrency has been trading in an unstable manner since the start of the New Year. A notable occurrence can be observed in the fear and greed index that indicates that the market pulse for bitcoin is an anxious one.

Though just the beginning of the year, the bitcoin economy has presently experienced a big shedding off that has resulted in its price falling below $40,000 for the first time since last year. Bitcoin is currently down to 13%. It is also downward of 38.8% from its November highest point of almost $70,000.

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