Only 5% of clients surveyed by JPMorgan believe the price of BTC will reach $100,000 by the end of 2022, whereas more than 40% believe it will return to the $60,000 level, Bloomberg has reported.
The bank’s strategist Nikolaos Panigirtzoglu said:
“I am not surprised by the bearish attitude towards Bitcoin. Our futures-based indicator looks oversold.”
According to him, the fair value of the cryptocurrency is in the range of $35,000- $73,000.
On November 10, 2021, the Bitcoin price renewed its all-time high at around $69,000. Following this, the coin rolled back from record levels amid news of a possible default of the largest Chinese developer Evergrande.
A market crash followed in early December, attributed by some analysts to ongoing problems at Evergrande. Galaxy Digital Research cited the reasons for the general nervousness of the market due to the identification of a new strain of COVID-19, as well as statements by Fed Chairman Jerome Powell about a possible acceleration in the rate of reduction in the volume of bond buybacks.
On January 6, 2022, the Bitcoin price fell below $43,000 amid the publication of the minutes of the Fed meeting, in which the regulator confirmed its readiness to raise interest rates faster than expected. On January 10, the cryptocurrency failed the $40,000 level.