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New research from one of the Big Four accounting firms has revealed that crypto hedge funds managers are expecting a strong comeback for Bitcoin (BTC) towards the end of the year as they remain extremely bullish on the flagship cryptocurrency.
A PricewaterhouseCoopers (PwC) study which includes data from a CoinShares survey conducted in Q1 2022 focused on crypto hedge funds, shows that the hedge fund managers have far but lost their confidence on Bitcoin.
Although crypto markets had already lost significant value at the time the survey was held in April, the PwC analysis reveals:
“All respondents predicted that BTC would end the year above the prevailing price upon survey closure, $40,000, with the median prediction of BTC price being $75,000.
The majority of predictions were within the $75,000 to $100,000 range (42%), with another 35% predicting the BTC price to be between $50,000 and $75,000 by the end of 2022.”
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In addition, correlated to the BTC price expectations, respondents believed that crypto’s total market capitalization will exceed the $1.5 trillion level by the end of the year. The current market cap for the entire market sits at $1.08 trillion according to CoinMarketCap. The PwC study detailed:
“Fund managers were also bullish towards the crypto market capitalization changes in the upcoming year, with over 97% of fund managers expecting the market to finish the year significantly above current levels and with the median predicted level at $3 trillion. Most forecasts ranged between $2 trillion and $3 trillion.”
At time of writing, Bitcoin is moving hands at $27,376, losing a little over 7% in the last 24 hours.