Throughout Bitcoin’s historic price surges and falls, investors have tried and failed to employ traditional markers to make sense out of the volatile trends.
CNBC recently conducted a survey on a group of portfolio managers and equity strategists to understand the inner sentiment of the fintech community toward Bitcoin. Answering the survey for “Where will Bitcoin be by the end of the year?” Squawk Box reported:
“Forty-four percent say (Bitcoin) will be below $30,000 and about flat for the year. Others are more optimistic.”
Out of the remaining 56%, 25% predicted the price to shoot up and settle at $45,000 while the other 25% supported BTC to square on the $55,000 mark. A small minority of 6% said that Bitcoin could return bank back to $60,000, near its $65,000 all-time high from back in April 2021.
Although experts argue that a cryptocurrency’s worth can only be equated to its use case, Bitcoin has been standing its ground as a true store of value against all odds and speculations. Given the financial predicament for panic sellers and the changing opinion about Bitcoin and cryptocurrency, the adoption rate continues to see a steady increase across the globe serving unique use cases.
As this particular poll represents only a small fraction of the crypto demographic, and in no way represents the entirety of the investors’ sentiments, readers are advised not to make investment decisions based on bearish or bullish market discussions.
Bitcoin’s recent $29,000 dip has recently shaken investor confidence. However, numerous seasoned traders have signaled the nearing of a bull run. Ever since Bitcoin’s recovery back to $32,000, the traders expect BTC to spring back to its former glory.
Several other experts have also predicted crypto to take off based on the weakening fiat currencies across the world. Major governments continue to study smaller economies that have failed to retain their traditional fiat infrastructures.