2022 was supposed to be the year in which bitcoin reached the six-figure mark. Many analysts believed that by the end of the year, $100,000 would be achievable for the world’s number one digital currency by market cap. However, given the recent bearish trends bitcoin has been following, a poll released by financial giant JPMorgan suggests that many people are changing their minds.
JPMorgan Poll Shows Fewer and Fewer People Believing in the Power of BTC
2021 was arguably the year for bitcoin. The asset rose to a whopping $68,000 per unit in November, though things began taking some ugly turns soon after that. The currency incurred several drops and before long, it was in the $40,000 range. 2022 has also featured a shaky start for bitcoin given that the currency recently fell below the $40,000 mark, though it has since recuperated somewhat.
Nevertheless, people are noticing bitcoin slipping into oblivion. Data stemming from JPMorgan suggests that many traders now see bitcoin hitting a peak of around $60,000 by the end of the year, and very few are convinced that $100K is in bitcoin’s immediate future. Approximately 47 separate JPMorgan clients took part in the survey between the dates of December 13 and January 7. The poll was conducted as a means of establishing its macroeconomic outlook for 2022.
The survey says that around 41 percent of those taking part in the poll believe bitcoin will end the year at an even $60,000 or somewhere around there, while only five percent are convinced bitcoin will hit $100,000.
The good news is that things are still quite early. There are several months to go before we finally know where bitcoin is truly heading. However, what seems to have a lot of traders worried is that with 2021 doing so well, 2022 may feature some heavy slumps that will be hard to overcome. This is a pattern often seen in the bitcoin world, prominent examples being the years 2017 and 2018.
The former saw bitcoin trading for what was then an all-time high of just under $20,000 per unit. Everyone felt BTC was on top of the world and that the cryptocurrency was likely to keep hitting peaks from there. Unfortunately, 2018 featured the exact opposite scenario, with BTC dipping below $10,000 just a few weeks later and losing more than half its value rather quickly.
If 2022 Is a Repeat of 2018, $100K Probably Won’t Be Achievable
From there, the currency fell to about $6,000 over the summer, while the last two months of the year saw BTC losing approximately 70 percent of its value and dipping into the $3,500 range. It would take about five months for bitcoin to show any signs of recuperating.
Among those who still believe BTC can hit $100,000 this year is Nayib Bukele, the president of the Central American nation of El Salvador.