So. Jun 9th, 2024

Professional investors are forecasting a strong year ahead for Bitcoin and are confident about its long-term valuation, according to new research (1) by London-based Nickel Digital Asset Management (Nickel), Europe’s leading regulated and award-winning digital assets hedge fund manager founded by Bankers Trust, Goldman Sachs and JPMorgan alumni.

Nickel commissioned research with 200 institutional investors and wealth managers from across seven countries who collectively manage around $2.85 trillion in assets and found 87% expect the price of Bitcoin to end the year ahead of $17,000 at the time of survey.

They include nearly one in four (23%) who forecast Bitcoin’s price will exceed $30,000 by the end of 2023 and the study found high levels of confidence about the long-term price trend for the cryptocurrency.

Nearly two out of three (65%) agree Bitcoin could still hit the long-predicted $100,000 valuation but only in the long-term. Around 58% of those who believe $100,000 is possible, think it could be achieved within three to five years, while 25% say it could be hit within five years or more.

Around three-quarters (76%) expect Bitcoin to reach its November 2021 peak of $69,000 within five years with 39% predicting the previous record high will be passed within three years. Just 3% questioned whether Bitcoin will ever reach previous all-time-high of $69,000 again.

Anatoly Crachilov, CEO and Founding Partner at Nickel Digital, said:

“Price predictions in the cryptocurrency market is always a daunting task, however the most significant finding in our survey is that only 3% of investors are questioning bitcoin’s future.”

Source:

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