Only 5% of JPMorgan’s Clients See Bitcoin at $100,000 By Yearend

Bitcoin-at-$100,000 calls are common in cryptoland. Not so much on Wall Street. Only 5 percent of clients questioned by JPMorgan Chase & Co. believe the digital coin will reach $100,000 by the end of 2022. More than 40 percent of investors, on the other hand, saw it rise above $60,000, where it was around two months ago before it began its recent slide. “I’m not surprised by Bitcoin bearishness,” said Nikolaos Panigirtzoglou, a strategist at the bank and an author of the research note that included the survey. “Our Bitcoin-position indicator based on Bitcoin futures looks oversold.” He went on to say that the coin’s fair worth ranges from $35,000 to $73,000, depending on what investors think about its volatility compared to gold. Since reaching a high of about $69,000 in November, the largest digital asset by market value has plunged about 40 percent. Even in the midst of the turmoil, many analysts believe it will reach $100,000 in the new year. That might happen — the currency has a history of surprising sceptics — though market experts agree that with a more hawkish Federal Reserve, the road to that level will be more difficult. The current drop in crypto comes as expectations build that policymakers will start raising interest rates as soon as March — and it’s just one of numerous moves they’ll take to remove liquidity. Speculative investments lose their allure in such a climate. To begin the year, the Bloomberg Galaxy Cryp...