A new study from one of the world’s largest accounting firms reveals that the majority of crypto hedge fund managers predict a rebound for Bitcoin this year despite BTC’s shaky performance lately.
PricewaterhouseCoopers (PwC) shares data from a survey conducted by digital asset manager CoinShares in the first quarter of 2022, focusing on crypto hedge funds and excluding crypto index funds and crypto venture capital funds.
Data from the study shows that even though the crypto winter was already underway at the time of the survey (April 2022), hedge fund managers remained overwhelmingly bullish on Bitcoin.
“All respondents predicted that BTC would end the year above the prevailing price at the close of the survey, $40,000, with the median BTC price prediction being $75,000.
The majority of forecasts were in the $75,000-$100,000 range (42%), with another 35% predicting the price of BTC to be between $50,000 and $75,000 by the end of 2022.”
Respondents were also optimistic that by the end of the year, the total crypto market capitalization will surpass the $1.5 trillion level.
“Fund managers were also bullish on crypto market cap changes over the coming year, with over 97% of fund managers expecting the market to end the year. . significantly above current levels and with the median level forecast at $3 trillion. Most forecasts ranged between $2 trillion and $3 trillion. »
The report says it remains unclear how recent events and shifts in market sentiment may affect the estimates.
At the time of writing, BTC is trading for $27,376. The global crypto market capitalization is $1.10 trillion, according to CoinMarketCap.
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Majority Of Crypto Hedge Funds Extremely Bullish On Bitcoin Despite Price Weakness: PwC Study
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