Equity strategists and portfolio managers were asked about what the price of bitcoin will be by the year-end. Almost half of the surveyed participants say the price of the cryptocurrency will fall below the $30K level but some believe it will rise to $60K.
Year-End Bitcoin Price Expectations by Equity Strategists and Portfolio Managers
Equity strategists and portfolio managers revealed what they think bitcoin’s price will be at the end of 2021 in a survey by CNBC, published last week. Every quarter, the media outlet polls about 100 chief investment officers, equity strategists, and portfolio managers about their views on the markets for the rest of the year. The latest survey was conducted from June 23-30.
According to the survey results unveiled last week, 44% of respondents said the price of bitcoin will be below $30,000 by the end of the year.
In addition, 25% of equity strategists and portfolio managers said it will be $40,000 and another 25% said it will reach $50,000. Only 6% expected the BTC price to hit $60,000 by the year-end.
Several surveys recently conducted indicate the growing popularity of cryptocurrency investments among institutional investors. The 2021 Trends in Investing Survey, conducted by the Journal of Financial Planning and the Financial Planning Association (FPA), found that more than 26% of financial advisors plan to increase their recommendation of cryptocurrencies over the next 12 months. Meanwhile, 49% of the advisors said that clients have asked them about investing in cryptocurrencies in the last six months.
The latest Bank of America’s Global Fund Manager Survey showed that “long bitcoin” is the second most crowded trade for fund managers. Moreover, a global poll of chief financial officers indicated that hedge funds are likely to significantly increase their cryptocurrency holdings.
Where do you think the price of bitcoin will be by the year-end? Let us know in the comments section below.