• Wed. Jun 22nd, 2022

Crypto fund managers expect Bitcoin to hit $100,000 in 2022: PWC

ByHazel R. Lang

Jun 14, 2022

Bitcoin has broken below many critical levels and is trading near $22,000. While most of us would think everyone is bearish right now, crypto fund managers still expect Bitcoin to hit $100,000 in 2022. PWC’s recent survey shows that the majority of managers of funds believe that the price of BTC will be between $75,000 and $100,000 by the end of 2022. Do you think this is too optimistic or entirely plausible? Tell us below!

Crypto fund managers expect Bitcoin to hit $100,000

The company’s recent report titled “4th Annual Global Crypto Hedge Fund Report” was released a week ago. It was produced in partnership with the Alternative Investment Management Association (AIMA) and Elwood Asset Management. They surveyed 77 crypto hedge fund managers with an AUM of $4.1 billion for the report.

Image source: Analytics India Magazine

PWC asked these fund managers to give their price estimates for Bitcoin and the total crypto market cap for the end of 2022 or December 31. The results came in with 42% of fund managers expecting $75,000 to $100,000, and 35% of them were somewhat conservative with a range of $50,000 to $75,000. It seemed like when the survey was done the market was a bit more bullish, but right now we are in a full-fledged bear market.

The collapse of Luna and the UST was probably the trigger, and no doubt it will last for quite some time. PWC US global financial services leader John Garvey said the collapse showed the potential risks of digital assets. However, the market is maturing with many more crypto hedge funds coming and traditional companies are also investing in digital assets. Their reports indicate that in one year, traditional companies investing in digital assets have grown from 21% to 38%.

Next running of the bulls

Crypto fund managers expect Bitcoin to hit $100,000 in 2022: PWC

Bitcoin 1-Day Chart

The Bitcoin daily chart above shows that we were forming a hidden bullish divergence, but the markets are so bearish that the price has collapsed. There’s very little chance of anything major happening before late 2023 or early 2024, so I wouldn’t be too optimistic about the recent PWC survey. Currently, we are in the 2nd stage of the bear market. Here is a thread that explains it.

What do you think as Crypto fund managers expect Bitcoin to hit $100,000? And do you think that makes sense? Let us know in the comments below. Also, if you found our content informative, like it and share it with your friends.

Read also : Coinbase’s new “crypto is dead” ad campaign is awesome!

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