Will Bitcoin Hit 32K This Year?
Despite the crypto market decline that has been ongoing in the first half of the year, institutional investors and other significant traders remain positive on the leading cryptocurrency Bitcoin or BTC, which can potentially rise to 32,000 USD this year. In a recent survey of its clients, Cumberland, a market maker based in Chicago that deals with institutions and other businesses that conduct large transactions, discovered that the majority of respondents did not think the pain in the cryptocurrency space was completely over and predicted that BTC would fall to a low of 16,000 USD this year.
The Near Future of Crypto Asset Values
However, respondents predict that the leading cryptocurrency will significantly recover and reach up to 32,000 USD. Despite the market’s sell-off, according to Cumberland, the typical responder was still high-conviction positive, Many sources reported. Given that respondents only reported a 4 percent increase in the NASDAQ and that stock prices and cryptocurrency prices have been closely associated over the last several months, Cumberland analysts were startled by the size of the anticipated leap. Despite the possibility of a protracted crypto winter looming, it is noteworthy that large-volume traders have maintained their bullishness.
The future of cryptocurrency asset values, at least in the near term, is dependent on the U.S. Federal Reserve and how it manages interest rates since movement by the Fed is a frequent reaction for both positive and negative triggers, according to Cumberland’s customers. According to sources, Cumberland said last month that institutional investors are betting on Ethereum, or $ETH, the second-largest cryptocurrency by market capitalization, at a time when its price has been rising to exceed the general market.
Source: https://www.thecoinrepublic.com/2022/08/11/a-positive-hope-shining-on-bitcoin-by-the-institutional-investors/