Bitcoin took another heavy hit on Wednesday as its price approached $20,000. On the same day, the US central bank announced the largest rate hike in three decades. Later, the BTC price rose along with other cryptocurrencies. However, on Friday, it fell back to lows. However, a survey revealed quite high prices by the end of the year.
“Bitcoin can still turn the tide despite the ongoing Tsunami”
Despite the chaos, a recently published study shows that the majority of crypto fund managers continue to rise. Some of the fund managers predict that Bitcoin could still reach $100,000 by the end of the year.
Financial services firm PricewaterhouseCoopers (PWC) conducted the research. According to the results, most of the crypto fund managers surveyed believe that the leading crypto can still come out of the pit. It also predicts that it could reach a valuation of between $75,000 and $100,000 by the end of this year.
According to PWC, ‘4. The Annual Global Crypto Hedge Fund Report’ is based on an April survey of 77 expert crypto hedge fund managers. It also noted that its total assets under management (AUM) exceeded $4 billion last year.
PWC, one of the world’s four largest accounting firms, has conducted similar surveys before. Like others, PWC asked participants to predict the price of Bitcoin at the end of 2022. At the time of the study, negativity prevailed in the crypto money market. Despite this, hedge fund managers remain surprisingly enthusiastic about crypto.
Majority bull prediction: BTC $100,000
“We have given crypto fund managers the opportunity to contribute to their predictions of where the BTC price and overall cryptocurrency market cap will be on December 31, 2022,” PWC said. As we reported as Kriptokoin.com, BTC is trying to hold on to above $ 20,000.
However, most forecasts (42%) see Bitcoin between $75,000 and $100,000 by the end of 2022. Another 35% placed between $50,000 and $75,000 by the end of this year.
BTC total market cap $405B on daily chart | Source: TradingViewThe majority of respondents believe that the total value of the crypto market will be higher than $1.5 trillion. John Garvey, global financial services leader for PWC in the United States, stated that Terra’s recent collapse clearly illustrates the inherent dangers associated with digital assets. “The volatility in the market will continue, but it is maturing,” Garvey said.
Meanwhile, there has been tremendous development of cryptocurrency hedge funds over the past year. Additionally, the research highlighted the continued dominance of Bitcoin among both cryptocurrency hedge funds and more traditional funds.
