A new study reveals that the majority of crypto hedge fund managers predict a Bitcoin rally this year despite the BTC price's continued decline.
PricewaterhouseCoopers (PwC) shared data from a survey conducted by CoinShares on 1nd quarter of 2022, focusing on crypto hedge funds.
Data from the study shows that even though the crypto market is bleak at the time of the survey (April 4) hedge fund managers are still extremely optimistic about Bitcoin.
“All respondents predicted that BTC would end the year higher than the survey price ($40.000), with an average BTC price prediction of $75.000. The majority of predictions are in the $75.000 to $100.000 range (42%), 35% predict BTC price to be in the $50.000 to $75.000 range by the end of 2022.”
Respondents are also optimistic that by the end of the year, The total market capitalization of cryptocurrencies will surpass $1,5 trillion.
“Fund managers are also optimistic about changes in crypto market capitalization next year, more than 97% Fund managers expect the market to end the year significantly higher than the current level with a median prediction of capitalization of 3 trillion dollars. Most capitalization forecasts are between $2 trillion and $3 trillion.”
The report did not say how recent events might affect the estimates.
At the time of writing, BTC is being traded for $26,412. The global crypto market cap is $1,06 trillion, according to CoinMarketCap.