Majority of Crypto Hedge Funds Extremely Bullish on Bitcoin Despite Soft Price Action: PwC Study
A new study from one of the world’s largest accounting firms shows that the majority of crypto hedge fund managers expect Bitcoin to rally this year, despite BTC’s lackluster performance of late.
PricewaterhouseCoopers (PwC) is sharing data from a survey conducted by digital asset manager CoinShares in Q1 2022 that focuses on crypto hedge funds and excludes crypto index funds and crypto venture capital funds.
Data from the study shows that although the crypto winter was already underway at the time of the survey (April 2022), hedge fund managers remained extremely bullish on Bitcoin.
“All respondents predicted that BTC would end the year above the prevailing price at the close of the survey of $40,000, with the median BTC price prediction being $75,000.
The majority of predictions were in the $75,000 to $100,000 range (42%), with another 35% predicting BTC price to be between $50,000 and $75,000 by the end of 2022.”
Source: PwC
Respondents were also optimistic that the total crypto market cap will surpass $1.5 trillion by the end of the year.
“Fund managers have also been bullish on crypto market cap changes over the coming year, with over 97% of fund managers expecting the market to end the year well above current levels and with a projected median value of $3 trillion. Most projections were between $2 trillion and $3 trillion.”
Source: PwC
According to the report, it remains unclear how recent events and changes in market sentiment may affect the estimates.
At the time of writing, BTC is trading at $27,376. The global crypto market cap is $1.10 trillion, according to CoinMarketCap.
Check the price action
Don’t miss a thing – Sign up to receive crypto email alerts straight to your inbox
Follow us on Twitter, Facebook and Telegram
Surf the Daily Hodl Mix
 
Check the latest headlines
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in Bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/maddrest/Sensvector
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.