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Home Blockchain

42% of Hedge Funds Expect Bitcoin to 3x to $100K by the end of the Year

by Dalmas Ngetich
Jun 13, 2022 - 12:00 am
in Blockchain
42% of Hedge Funds Expect Bitcoin to 3x to $100K by the end of the Year

A survey conducted by PwC revealed that most hedge funds are still bullish despite Bitcoin’s current price actions.

PwC reported that one-third of hedge funds are moving into the Bitcoin and crypto market; many hedge funds surveyed are also planning on deploying more capital in crypto. And 42% of hedge funds are bullish on Bitcoin, expecting BTC at $75k to $100k by end of 2022. Bullish

— Tajo Crypto (@TajoCrypto) June 12, 2022

The PwC Hedge Fund Survey

The survey was carried out in April this year, and all respondents admitted that they expected Bitcoin to close above $40K at the end of 2022. Notably, 42% of respondents expected Bitcoin to end the year between $75,000 and $100,000. About 35% of the respondents had a more conservative prediction, tipping Bitcoin to finish the year between $50,000 and $75,000.

The survey also captured the predictions of hedge fund managers on the total crypto market cap. Most of the respondents were bullish and revealed that they expect the market to finish above the $1.3 trillion cap by the end of 2022. Most of the predictions ranged between $2 trillion and $3 trillion, with a few managers tipping the crypto market to soar above $5 trillion by the end of the year.

What the Crypto Market Reveals

Since the survey was conducted in April, it’s been dump after dump for Bitcoin and other cryptocurrencies. The total crypto market cap currently sits just above $1 trillion, its lowest value in over a year. In the last 24 hours, Bitcoin has lost 13% of its value and trades at around $23K.

Ether has also lost 15% of its value, with a current market capitalization of $150 billion, according to Coinlore. Most altcoins are down by 10% or more in the last 24 hours, and leading alts like Dogecoin and Solana have lost over 30% value in the past week.

The terrible condition of crypto markets does not necessarily mean investors are doomed. Hedge Funds and veteran traders know recoveries always follow price crashes.

However, there is no guarantee that Bitcoin will finish the year between $75K and $100K. Notably, though, Bitcoin will have to increase by more than 3x to reach the $75,000 milestone.

Tags: BitcoinCryptoHedgeFund
Dalmas Ngetich

Dalmas Ngetich

His primary focus is on technical analysis (crypto is, obviously, *not* crypto without the twirls of price action), the magic of DeFi, and NFTs. He is specifically training his eyes and effort on DeFi—and how the tech is changing investment, opening up opportunities for everyone—and the possibilities of NFTs.

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