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44% of investors expect Bitcoin to drop below $30K in 2021: CNBC survey


A CNBC poll of 100 investment directors and asset managers showed that 44% of respondents expect Bitcoin to fall below $ 30,000 by the end of this year.

Portfolio managers and capital allocation strategists needed to answer the question: “Where will Bitcoin be by the end of the year?”

Bitcoin got off to a huge start in 2021. In April, the rate of the first cryptocurrency reached $ 65,000. However, now more and more fundamental factors point to a decline in the price of Bitcoin. And a CNBC poll confirms the market sentiment.

The largest group of respondents – 44% – believe that by the end of the year the Bitcoin rate will be below $ 30,000. A quarter of the respondents expect Bitcoin to return to $ 40,000 by the end of the year. And the same number expect BTC at $ 50,000. Only 6% of respondents believe that that the rate of the first cryptocurrency will exceed $ 60,000 by the end of the year.

When discussing the results of the survey, Squawk Box host Andrew Sorkin noted that in the short term he also believes in Bitcoin falling below $ 30,000. But if you look a decade ahead, in his opinion, the first cryptocurrency will easily overcome this level.

Another host of the program, Joe Kernan, said that even a drop in Bitcoin to $ 30,000 by the end of the year would be a bullish sign. According to him, this level can become a long-term “bottom” of the market. From which the rate of the first cryptocurrency will be repelled.

Is Bitcoin’s recovery likely to begin?

The first cryptocurrency began in 2021 with quotes just below $ 30,000. The price reached its maximum at levels above $ 64,000 in April. In May, the rate fell below $ 40,000.

At the time of writing, Bitcoin is trading at around $ 34,600.

Recall that JPMorgan analysts did not rule out a drop in the price of digital gold to $25,000. Scott Minerd, investment director of Guggenheim Partners, believes that the rate will decline more radically – to $15,000 or even $10,000.

However, the pressure from sellers is starting to ease, and with the new quarter coming in the coming weeks, Bitcoin could begin a recovery to prevent any external disruptive events disrupting the market structure.

The chief investment officer of the global financial company Guggenheim Partners, Scott Minerd, earlier in an interview with the American newsmaker CNBC, said that his long-term forecasts about the future of Bitcoin are very optimistic. But the main cryptocurrency went too far in its assessment and it happened too quickly. He believes that a serious correction was needed in Bitcoin. That is, the value of Bitcoin should have dropped to $ 20,000-30,000 per coin. In his opinion, similar recessions were noted earlier, and they are an element of the normal evolution of the long-term market. Ultimately, he believes, the value of Bitcoin could reach $ 400,000 – $ 600,000.

The question remains, which predictions to believe?

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