A CNBC survey of 100 chief investment officers and portfolio managers shows the majority think Bitcoin will end the year below $30,000.
2021 started with an unbelievable run, in which Bitcoin seemed to defy overbought signals, taking its price to $65,000 by mid-April.
However, the opposing view, as reported by Bloomberg, states the leading cryptocurrency could hit $100,000 before the year ends.
44% Of Investment Managers See Bitcoin Below $30k
CNBC’s quarterly survey of institutional investment managers paints a grim picture for Bitcoin. 44% of those surveyed believe it will close the year below $30,000.
Whereas 25% of respondents believe Bitcoin will hit $40,000 by the year-end. Another 25% selected $50,00, and the remaining 6% thought BTC could close on $60,000.
In discussing the results, Squawk Box anchor Andrew Sorkin said that he would agree with most respondents on a short time scale. But over ten years, he thinks Bitcoin would be priced above $30,000.
“By the end of the year, and maybe I’ll be a cynic here, I would take the under. But if you said ten years from now I would take the over.”
Fellow anchor Joe Kernan skipped over the question on where he stood on the matter. Instead, in a cautiously bullish comment, Kernan said that even at $30,000 by year-end, the price would relieve many concerns in that it establishes a long-term bottom.
“30 or 28, if that really were a long term bottom, that would allay a lot of fear for people about crypto, don’t you think?”
Bloomberg Puts In A $100,000 Price Prediction
Bloomberg’s most recent Crypto Outlook report claims Bitcoin could hit $100,000 by the end of 2021.
Based on momentum and cryptocurrency generally being in an upward trend, the report states the leading cryptocurrency is more likely to reach $100,000 than sink to below $20,000.
“Bitcoin is more likely to resume appreciating toward $100,000 resistance rather than sustaining below $20,000.”
The report was published in early June, close to peak FUD which saw BTC swing $14k (or -33%) in a single day.
Earlier in the year, as Bitcoin was hitting new all-time high after new all-time high, calls for a $100,000 year-end price were much more common.
In January, JPMorgan published a note claiming Bitcoin could go as high as $100,000 in 2021. However, they added that such a price spike “would prove unsustainable.”
“While we cannot exclude the possibility that the current speculative mania will propagate further, pushing the bitcoin price up towards the consensus region of between $50k – $100k, we believe that such price levels would prove unsustainable.”
The price action of the past few weeks has shown strong support at the $29k level. But with bulls unable to sustain any upward breakouts, sentiment around Bitcoin is somewhat subdued.
But, with a new month comes renewed hope that BTC bulls can take a hold of the market.
Source: BTCUSD on TradingView.com