Bitcoin’s bullish sentiment seems to be cooling off among market observers. According to a JPMorgan survey, 95% of their clients expect that the Bitcoin price will not hit $100,000 while only 5% think it will.
JP Morgan clients are extremely bearish on Bitcoin
Bloomberg reports that according to a survey conducted by multinational investment bank JPMorgan among its 47 clients, the Bitcoin price is expected to remain below $100,000 by the end of 2022.
Only 5% of customers surveyed expect Bitcoin to hit $100,000. Meanwhile, 41% of survey respondents expect that the Bitcoin price will end in 2022 at $60,000. Similarly, 9%, 20%, 23%, and 2%, expect the Bitcoin price to be $80,000, $40,000, $20,000, and $10,000, respectively, by year-end. JPMorgan conducted the survey as part of its broader macroeconomic outlook for 2022.
Unlike its clients, JPMorgan is bullish on Bitcoin. Back in November, the bank predicted that they expect the Bitcoin price to reach $146,000 in the long run if market volatility declines and institutional investors start to favor gold. It added that the prediction for Bitcoin’s price performance in 2022 is that it will hit $73,000.
The update comes not long after analyst JP Morgan warned that Ethereum’s dominance on DeFi is hanging by a thread.
Bitcoin Supporters Show Mixed Sentiment
The JPMorgan survey results are a reflection of the broader market sentiment surrounding Bitcoin as the benchmark cryptocurrency has been trading sideways since entering 2022. A similar trend can be seen in just Bitcoin fear and greed numbers show that the market sentiment towards Bitcoin is extreme fear.
While the year is still nascent, the Bitcoin market has seen a massive sell-off that has caused its price to drop below $40,000 for the first time since September of last year. As of now, Bitcoin is down 13%. It is also down 38.8% from its November all-time high of around $69,000.
This poor price performance has allowed the market sentiment to spread among the bears and the bulls. Bitcoin price decline predictions include Bitcoin skeptic, CryptoWhale, who asserts that the Bitcoin price will hit $10,000 by the end of 2022.
On the contrary, several Bitcoin price predictions have been bullish including the president of El Salvador, Nayib Bukele, who predicted that Bitcoin will surpass $100,000. Similarly, Goldman Sachs recently noted that Bitcoin could hit $100,000 by taking market share away from gold as a store of value asset.
Bitcoin chain analysis firm Glassnode is also bullish on Bitcoin. As noted in a recent on-chain analysis, that if Bitcoin’s on-chain activity can gain enough momentum from current levels, it could rally massively. Bitcoin is currently trading at $42,090, up 0.40% over the past 24 hours.