Few assets in history have experienced a ride comparable to Bitcoin’s over the past year. Having stayed under $1,000 for several years, Bitcoin shot up to nearly $20,000 towards the end of 2017.
2018 has so far seen a consolidation in the market, with the cryptocurrency currently around $9,000 after some ups and downs. While the move from last year’s highs seems drastic, many have pointed out that a dip at the start of the year is part of Bitcoin’s standard trading cycle, with others insisting that the market hasn’t seen a correction at all.
A recent survey of institutional investors conducted by Fundstrat Global Advisors, a Wall Street strategist firm, appears to have confirmed that stance, with most respondents agreeing that Bitcoin has bottomed.
Within the diverse group of investors, which included those long on crypto, 83% felt that Bitcoin won’t see significant dips for the remainder of the year. The survey also saw participants make several bullish predictions. 53% of them placed Bitcoin’s end-year range between $10,000 and $20,000, while 41% stated that a range of $20,000-$30,000 was more realistic. 6% of respondents forecasted that Bitcoin will end this year above $30,000.
Another notable question in this poll involved John McAfee’s famous prediction for the price of Bitcoin. Despite being a well-known cryptocurrency bull who has placed major bets on Bitcoin and various tokens, McAfee’s initial prediction for Bitcoin in 2017 was $5,000. Because the digital currency blazed past his initial expectations, the founder of McAfee Security upgraded his 2020 forecast to $1 million.
Although it might sound exorbitant to some, the Wall Street survey found that 40% of respondents agreed that Bitcoin will reach $1 million by 2020.
The survey also found that a majority believed that Goldman Sachs will become the first major bank to offer crypto trading to institutional clients. Rumors of Goldman Sachs planning to create its cryptocurrency platform have been circulating since 2017, and many feel that the recent hiring of veteran trader Justin Schmidt as a digital asset expert confirms this. Although the bank hasn’t made an official confirmation thus far, a spokeswoman said that Goldman Sachs is responding to increased client interest in digital assets.
Have you heard what former J.P. Morgan Chase chief equity strategist said about Bitcoin? Read about it here.
