A recent poll by CNBC revealed that institutional asset managers are not confident in the short-term future of, with 44 percent of those surveyed predicting that Bitcoin could close the year at less than $ 30,000.
44% of those surveyed on #CNBCQuarterlySurvey say that #bitcoin will be below $ 30,000 by the end of the year. #btc @andrewrsorkin @BeckyQuick @JoeSquawk discuss: pic.twitter.com/zpPHtSaeWK
– Squawk Box (@SquawkCNBC) July 2, 2021
CNBC’s quarterly survey confirms growing bearish sentiment from institutional portfolio managers and equity strategists. According to show host Andrew Ross Sorkin, a significant percentage of fund managers believe that the flagship cryptocurrency could trade sideways for the remainder of the year and possibly sink further before the end of the year.
25 percent of those surveyed think that Bitcoin will regain the $ 40,000 benchmark by the end of the year. Meanwhile, another 25 percent are confident that Bitcoin could hit $ 50,000. Only 6 percent of those surveyed believe the digital asset will close the year at $ 60,000.
Sorkin himself believes that Bitcoin will drop below $ 30,000 by the end of the year.
Judging from the survey, it appears that investors have been overtaken by bearish sentiments. It’s quite ironic that Bitcoin cost almost $ 65,000 just a few months ago, with super optimistic predictions that it could hit $ 100,000 by the end of the year.
The Bitcoin Roller Coaster The first half of 2021 has been quite hectic for Bitcoin. In April this year, spirits were high as the world’s largest crypto continued to set new highs from previous months. It recovered to an all-time high of nearly $ 65,000 following the stimulus package from the Biden administration. Earlier, Elon Musk’s tweets about Tesla’s (NASDAQ 🙂 acceptance of Bitcoin also filled a big rally in March.
However, in mid-May, Elon Musk himself forced the price of Bitcoin to drop after announcing that Tesla was no longer going to accept Bitcoin due to its large carbon footprint from mining operations.
While the Musk saga was still going on, China sent the entire crypto market into another round of frenzy. The country’s Financial Stability and Development Committee (FSDC) made a comment during its 51st meeting suggesting that it would clamp down on Bitcoin mining and trading. The threat has largely been followed up with actions, as several Chinese provinces have ordered miners to shut down their operations. A handful of major mining companies are now relocating to friendlier countries, such as Canada and Kazakhstan.
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