A new study reveals that most crypto hedge fund managers anticipate Bitcoin’s recovery this year despite the ongoing fall in BTC prices.
PricewaterhouseCoopers (PwC) shares data from a survey conducted by CoinShares in Q1 2022, focusing on crypto speculative funds.
Data from the study shows that although the cryptocurrency market was bleak at the time of the survey (April 2022), speculative fund managers were still highly optimistic about Bitcoin.
“All respondents predicted that Bitcoin would end the year above the survey price ($40,000), with an average prediction of the BTC price of $75,000. The majority of predictions are between $75,000 to $100,000 (42%), and 35% predict that Bitcoin prices will be between $50,000 to $75,000 by the end of 2022.”
The respondents are also optimistic that the total market capitalization of cryptocurrencies will surpass 1.5 trillion dollars by the end of the year.
“Fund managers are also optimistic about changes in cryptocurrency market capitalization in the coming year, with over 97% of fund managers expecting the market to end significantly above current levels with an average prediction of capitalization of $3 trillion. Most capitalization projections range from $2 trillion to $3 trillion.“
The report does not indicate how recent events may affect the estimates.
At the time of writing, BTC was being traded for $23,000. Global cryptocurrency market capitalization is $1.06 trillion, according to CoinMarketCap.
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