$2.2 Trillion Institutional Crypto Price Prediction Reveals Bitcoin and Ethereum May Be Poised for Recovery
Bitcoin
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The bitcoin price has jumped around $20,000 per bitcoin since mid-June (despite some eye-popping bitcoin price predictions) while ethereum has fallen sharply in the wake of the long-awaited energy-saving upgrade and is flying against expectations.
Now, as Blackrock and Fidelity make surprise moves to enter the bitcoin and crypto market, a survey of professional investors who collectively manage $2.2 trillion in assets has issued a huge crypto price prediction.
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The Bitcoin price has fallen sharply this year, dragging down the price of Ethereum and other majors … [+]
Institutional investors and asset managers were found to be optimistic about the future price of bitcoin and ethereum, with 46% forecasting that bitcoin will be worth $35,000 or more within six months, while 64% predict that the price of ethereum will exceed $2,000 in the same period .
“Predicting future price movements in the cryptocurrency market is always a challenging task, but the survey clearly points to constructive expectations of price recovery from institutional investors,” Anatoly Crachilov, CEO of London-based crypto asset manager Nickel Digital, which commissioned the survey in August, said together with the results.
Meanwhile, over half (58%) of respondents said they expect the bitcoin, ethereum and crypto bear market to end within six months – suggesting a price rally in the spring.
“There is a well-founded long-term optimism,” Crachilov added. “Investors recognize that the ongoing crypto winter still has some way to go, but there is also a recognition that if history is any guide, once the winter ends, these high-beta markets will stage a strong recovery.”
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Bitcoin price has traded down about 70% since hitting an all-time high of nearly $70,000 per … [+]
This week, as the stock market buckled under pressure from the Federal Reserve and fears that inflation may demand an even stronger response, bitcoin, ethereum and crypto prices climbed before falling back, with the price of bitcoin falling to its last floor of just over 18 000 dollars.
“The $18,000 level has continued to provide decent support, and if bitcoin doesn’t break down in the coming days, we could see a move to the upside in October with $24,000 and $26,000 as the first levels to watch,” Joe DiPasquale, CEO of bitcoin hedge fund BitBull Capital said in emailed comments.
