JPMorgan Chase asked the bank’s clients in a recent boll “Where do you see Bitcoin trading at 2022 year-end?”. the results of this boll was chocking to others and expected to others, as only 5% of the clients believe that the king of cryptocurrencies will reach $100K this year while 9% believe the coin will reach $800K.
JPMorgan Chase bank is well known of its wealthy clients, however, there are some Bitcoin bulls who may courage the news of JPMorgan’s clients who expect a surge of 14% in BTC price.
The survey results is positive in general, as 55% of the participated clients are saying that the see the coin at $60K at the end of the current year, with a small portion thinks the coin is dipping down to $40K.
The managing director and the research note author Nikolaos Panigirtzoglou, said:
“I’m not surprised by Bitcoin bearishness,” and added “Our Bitcoin-position indicator based on Bitcoin futures looks oversold. The coin’s fair value is between $35,000-$73,000, depending on what investors assume about its volatility ratio versus gold.”
The JPMorgan group, who already has more than $2.6 trillion assets under management, is rapidly involving in the world of crypto, since the launch of JPM Coin in 2019. Moreover, it is also the fourth US investment bank.
Among the current institutional calls for $200K in 2022 from funds like Fundstrat Global Advisors asking this question, Are JPMorgan Chase clients on the money, or are the Wall Street executivs and other wealthy individuals decidedly bearish?.
It is also worth noting that the price of Bitcoin has dipped today to less than $40K which supports the small number of the survey participants who believe the coin is going less than $40K by the end of the year. However, the coin price by writing this article is at $41,902.46.