Bitcoin BTC and ethereum, the two largest cryptocurrencies by market capitalization, have crashed after being hit by the Federal Reserve’s “sledgehammer“—with fears further selling pressure that’s not yet “priced in” could be on the way.
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The bitcoin price has been bouncing around $20,000 per bitcoin since mid-June (despite some eye-popping bitcoin price predictions) while ethereum has fallen sharply in the aftermath of its long-awaited, energy-saving upgrade, flying in the face of expectations.
Now, as Blackrock and Fidelity make surprise moves to enter the bitcoin and crypto market, a survey of professional investors who collectively manage $2.2 trillion in assets has returned a huge crypto price prediction.
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The bitcoin price has fallen sharply this year, dragging down the price of ethereum and other major … [+]
Institutional investors and wealth managers were found to be optimistic about the future price of bitcoin and ethereum, with 46% forecasting bitcoin will be worth $35,000 or more within six months, while 64% predict the price of ethereum will exceed $2,000 during the same period.
“Predicting future price movements in the cryptocurrency market is always a challenging endeavor, however, the survey clearly points to constructive price recovery expectations by institutional investors,” Anatoly Crachilov, the chief executive of London-based crypto asset manager Nickel Digital, which commissioned the survey in August, said alongside the results.
Meanwhile, over half (58%) of respondents said they expect the bitcoin, ethereum and crypto bear market to end within six months—suggesting a spring price rally.
“It is a well-grounded long-term optimism,” Crachilov added. “Investors acknowledge that the ongoing crypto winter still has some way to run but there is also a recognition that, if history is any guide, once the winter ends these high-beta markets will stage strong recovery.”
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The bitcoin price is trading down by around 70% since hitting an all-time high of almost $70,000 per … [+]
This week, as the stock market buckled under pressure from the Federal Reserve and fears rampant inflation could require an even stronger response, bitcoin, ethereum and crypto prices climbed before falling back, with the bitcoin price dropping to its recent floor of just over $18,000.
“The $18,000 level has continued to provide decent support and if bitcoin doesn’t break down in the coming days, we could see upward movement in October with $24,000 and $26,000 being initial levels to watch,” Joe DiPasquale, the chief executive of bitcoin hedge fund BitBull Capital, said in emailed comments.
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