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) shares data from a survey conducted by CoinShares in Q1 2022, focusing on crypto hedge funds.
Data from the study shows that even though the crypto market was bleak at the time of the survey (April 2022), hedge fund managers are still extremely bullish on 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 bullish on changes in crypto market capitalization over the coming year, over 97% of fund managers expect the market to end the year significantly higher than current levels at The average prediction for capitalization is $3 trillion. 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 trading for $26,412. The global crypto market cap is $1.06 trillion, according to CoinMarketCap.