A CNBC survey of 100 CIOs (chief investment officers) and portfolio managers has revealed: The majority thinks Bitcoin will end the year below $30,000.

The year 2021 began with an incredible run: Bitcoin seemed to defy all overbought signals and was able to raise its price to $65,000 by mid-April.

Since then, a bearish wave seems to have set in, as one negative message (“FUD”) began to spread after another. The results of a recent CNBC survey only reinforce pessimistic sentiment.

However, there are also bullish voices, according to which the leading cryptocurrency could reach $100,000 before the year ends.

44% of Investment managers see Bitcoin below $30k

CNBC’s quarterly survey of institutional investment managers paints a bleak picture for Bitcoin. 44% of respondents believe that the Bitcoin will close the year below $30,000.

25% of respondents, on the other hand, believe that Bitcoin will reach $40,000 by the end of the year. Another 25% see $50,000, and the remaining 6% expect BTC to close at $60,000.

“Squawk Box” host Andrew Sorkin agrees with most respondents on a short timescale though. Over ten years, however, he thinks Bitcoin will list above $30,000.

“By the end of the year, and maybe I’m a cynic here, I would take the lower. But if you say, in ten years, I would take the top.”

Moderator Joe Kernan went over the question of how he stands on this issue. Instead, in a cautiously bullish comment, Kernan said the price, even at $ 30,000 by year-end, would allay many concerns as it forms a long-term bottom.

“30 or 28, if that was really a long-term bottom, that would take away a lot of fear from people about crypto, don’t you think?”

Bloomberg issues a $100,000 price prediction

According to Bloomberg’s latest “Crypto Outlook Report,” Bitcoin could reach $100,000 by the end of 2021.

Based on the momentum and the fact that the cryptocurrency is generally in an uptrend, the report states that the leading cryptocurrency is more likely to reach $ 100,000 rather than drop to below $ 20,000.

“Bitcoin is more likely to rise back towards $ 100,000 resistance than it is to stay below $ 20,000.”

The report was released in early June, when BTC had to give $14k (or -33%) lost in a single day.

At the beginning of the year, as Bitcoin hit a new all-time high after another, calls for a year-end price of $100,000 were much more common.

In January, JPMorgan released a note claiming that Bitcoin could rise to $100,000 in 2021. However, such a price spike would “prove unsustainable.“

“While we can’t rule out the possibility that the current speculative mania will continue to spread, pushing the Bitcoin price towards the consensus region between $ 50,000 and $ 100,000, we believe such a price level would prove unsustainable.“

The price action of recent weeks has shown strong support at the $29k level. But since the bulls have not been able to trigger a breakout upwards, the mood around Bitcoin is somewhat muted.

However, with the new month comes new hope that the BTC bulls can take control of the market.

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Text credit: Bitcoinist

Last updated on July 3, 2021

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