New data shared by PricewaterhouseCoopers (PwC), one of the world’s biggest accounting firms, shows that the majority of crypto hedge fund managers remain bullish on Bitcoin (BTC), the largest cryptocurrency by market cap, despite the current market downturn.
The data shared by PwC was from a survey conducted by crypto assets manager CoinShares in the first quarter of 2022. The survey focuses only on crypto hedge funds.
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The survey was conducted in April 2022. It shows that even though the crypto winter has abounded since the start of the year, hedge fund managers remain very bullish on Bitcoin (BTC) and anticipating a rebound.
The report reads in part:
“All respondents predicted that BTC would end the year above the prevailing price upon survey closure, $40,000, with the median prediction of BTC price being $75,000.
The majority of predictions were within the $75,000 to $100,000 range (42%), with another 35% predicting the BTC price to be between $50,000 and $75,000 by the end of 2022.”
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The report also shows that hedge fund managers believe that crypto’s market capitalization will surpass $1.5 trillion by the end of 2022.
“Fund managers were also bullish towards the crypto market capitalisation changes in the upcoming year, with over 97% of fund managers expecting the market to finish the year significantly above current levels and with the median predicted level at $3 trillion. Most forecasts ranged between $2 trillion and $3 trillion.”
However, the report emphasized that it’s unclear how recent events and changes to market sentiments can impact the estimate.
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