The majority of customers surveyed by American banking giant JPMorgan Chase believe that Bitcoin, the benchmark cryptocurrency, will end this year above $60,000.
Only a very small 2% of respondents believe that Bitcoin will end up trading below $10,000 by 2023.
This is in the face of bears predicting that 2022 will be a repeat of 2018, the year in which the Bitcoin price surged more than 70%. Some analysts predict Bitcoin will endure a major correction as the US Federal Reserve becomes more belligerent.
With that being said, JPMorgan clients also don’t expect the flagship cryptocurrency to make a big rally this year. According to the poll, only 5% of them believe that the cryptocurrency will be able to climb above $100,000.
Goldman Sachs recently estimated that Bitcoin could topple $100,000 within the next 5 years if it continues to eat away at gold market share.
As reported by U.Today, Fundstrat’s Tom Lee has predicted that Bitcoin could climb to as high as $200,000 this year. Cryptocurrency evangelist Brock Pierce also sees Bitcoin quickly topping the top at the time mentioned above in 2022.
Oversold conditions
JPMorgan Chase analyst Nikolaos Panigirtzoglou says that Bitcoin has entered oversold territory:
Our Bitcoin position indicator based on Bitcoin futures looks oversold.
On Monday, the cryptocurrency fell below $40,000 for the first time since late September amid another stock market sell-off, but bulls managed to salvage the day by pushing Bitcoin is back at $42,000.
The top cryptocurrency will need to recover around 39% to reclaim its all-time high of $69,000.
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